● 本报记者刘丽靓 近日，国新证券党委书记、董事长张海文在接受中国证券报记者专访时表示，公司锚定政策导向，将 ESG业务作为服务国家战略、践行金融"五篇大文章"、助力美丽中国建设的重要抓手，通过ESG咨询服 务创新、评价体系升级、生态协同共建，推动ESG业务质效提升，积极助力实体经济绿色转型，彰显央 企券商的责任担当。 打造特色ESG业务品牌 "ESG是一种关注企业可持续发展的投资理念和评估框架，契合我国经济社会发展阶段要求，在帮助企 业绿色低碳转型、管理风险方面可以发挥积极作用。"张海文介绍，国新证券将ESG业务聚焦于合规管 理筑基、专业体系驱动、智能技术提效、服务生态共赢四个维度，致力于打造特色ESG业务品牌。 金融多维支持绿色转型 面对"十五五"规划建议提出的"加快经济社会发展全面绿色转型，建设美丽中国"的明确要求，张海文表 示，以碳达峰、碳中和为牵引，协同推进降碳、减污、扩绿、增长是一项系统工程，金融要加大支持实 体经济力度，把握好战略、路径、风险和创新等多个维度的平衡。 在战略层面，金融需要确保支持实体经济转型安全有序，实现平稳过渡。"一方面要优先支持绿色新动 能的培育，比如对传统产业绿色升级的支持 ...

法国企业则掀起"中国中心"建设热潮。制药巨头赛诺菲创下在华最大单笔投资纪录，10亿欧元在北京亦庄新建胰岛素生产基地，实 现从原料药到成品药的全产业链布局，这也是跨国药企首次在华布局生物制剂原料药生产 。工业巨头施耐德电气密集落地重大项 目，上海金山创新实验园区二期、厦门中压生产基地相继动工，将中国打造成服务全球的研发与供应链核心 。美妆巨头欧莱雅更是 启用全球首家自建智能运营中心，用实际行动印证"下一个中国，还是中国"的判断 。 近两年欧洲扎堆迁华的企业有哪些？ "在中国投资，来对了！"瑞士医沛生总经理斐雷杜用略显生涩的中文坚定表态。这位外企高管的心声，正是近两年来欧洲企业集 体"向东看"的真实写照。从德国汽车巨头到法国制药龙头，从瑞士医疗先锋到法国工业翘楚，一批欧洲知名企业纷纷加码对华投 资，迁徙浪潮背后，是中国市场无可替代的独特魅力。 巨头云集：百亿级投资密集落地，覆盖全产业链 近两年来，欧洲企业对华投资不再是简单的产能布局，而是升级为全产业链的深度扎根，超大规模投资项目接踵而至。 德国作为欧洲对华投资的"领头羊"，表现尤为抢眼。大众汽车豪掷25亿欧元扩建合肥生产及创新中心，宝马更是连续加码沈阳基 地，在 ...

Investment Rating - The report does not specify a clear investment rating for the industry [2] Core Insights - The 2025 version of the National Recommended Directory for Energy-Saving and Carbon Reduction Technologies has been released, listing over 350 technologies with energy-saving rates between 15% and 60%, all exceeding the national first-level energy efficiency standards [4][13] - Canada will launch a sustainable investment taxonomy in 2026 to identify green and transition investments, following a commitment made by the previous government [5][19] - The report highlights the increasing adoption of clean low-carbon hydrogen production technologies, including electrolysis and hydrogen fuel cell systems, which are expected to accelerate green hydrogen applications [4][13] Summary by Sections Domestic Highlights - The 2025 version of the National Recommended Directory for Energy-Saving and Carbon Reduction Technologies was officially released on December 15, 2025, covering industrial energy-saving, information technology, and high-efficiency energy-saving equipment [4][13] - New long-duration energy storage technologies have been added, including high-pressure solid thermal storage and zinc-iron flow batteries [4][13] International Highlights - Canada is set to implement a sustainable investment classification system by the end of 2026, aimed at identifying green investments [5][19] ESG Financial Products Tracking - As of December 21, 2025, a total of 3,873 ESG bonds have been issued in China, with a total outstanding amount of 5.72 trillion RMB, of which green bonds account for 62.04% [6][29] - The market has 946 existing ESG products with a total net asset value of 1,166.66 billion RMB, with ESG strategy products making up 45.01% of the total [6][35] - There are 1,216 existing ESG bank wealth management products, with pure ESG products accounting for 53.87% [6][40] Index Tracking - As of December 19, 2025, major ESG indices have underperformed the market, with the Wind All A Sustainable ESG index showing the largest decline of 0.79% [7][41] - Over the past year, major ESG indices have generally increased, with the Shenzhen ESG 300 index rising by 17.79% [7][41] Expert Opinions - Key technological innovations are essential for achieving carbon neutrality, with significant opportunities in commercializing core technologies that are not yet fully developed [9][43] - The transition to carbon neutrality faces challenges, including the need for a comprehensive policy framework and the commercialization of critical technologies [9][43]

Core Viewpoint - The first "C5+1" summit between Japan and the five Central Asian countries was held in Tokyo on December 19-20, amidst increasing tensions in Japan-China relations, highlighting Japan's strategic interest in strengthening ties with Central Asia [1][2][4]. Group 1: Japan's Strategic Interests - Japan is actively seeking to enhance its presence in Central Asia, a region of growing strategic importance amid the reconfiguration of the Eurasian geopolitical landscape [5][6]. - The Japanese government has a historical interest in Central Asia, dating back to the "Silk Road diplomacy" proposed by the Hashimoto cabinet in 1997 [7]. - Japan aims to establish a complete industrial chain with Central Asia, focusing on resource exploration, processing, and logistics, particularly in critical minerals and energy sectors [11]. Group 2: Economic and Energy Cooperation - The summit emphasized practical cooperation, particularly in key minerals and supply chain collaboration, with Japan seeking to integrate Central Asia into its economic security strategy [11][19]. - Japan plans to assist Central Asian countries in energy transition and green development, leveraging its energy efficiency technologies [13]. - Japan's investment in Kazakhstan's energy and metallurgy sectors amounts to $3.7 billion, indicating a significant commitment to resource collaboration [11]. Group 3: Political Context and Implications - The summit reflects Japan's need to break its diplomatic isolation and reshape its international image following tensions with neighboring countries [17][22]. - Japan's approach may be perceived as an attempt to "de-China" and "de-Russia" the region, which could conflict with Central Asian countries' preference for a balanced foreign policy [14][30]. - The geopolitical dynamics in Central Asia, influenced by China and Russia, present challenges for Japan's ambitions, as these countries remain key partners for the region [20][30]. Group 4: Challenges Ahead - Japan faces significant logistical challenges due to the geographical distance from Central Asia, which may hinder the efficiency of trade and investment [28]. - The differing investment environments and legal frameworks among Central Asian countries could lead to cautious attitudes from Japanese businesses, raising doubts about the feasibility of proposed projects [28]. - The political undertones of Japan's economic initiatives may not align with the diplomatic aspirations of Central Asian nations, complicating trust and cooperation [30][31].

Core Insights - The Taizi River Pumped Storage Power Station in Liaoning has achieved a significant milestone with the completion of the ventilation and safety tunnel, finishing 85 days ahead of schedule, which lays a solid foundation for subsequent construction phases [2] - The project is the largest pumped storage power station under construction in Northeast China, with a total investment of 12.145 billion yuan and a designed capacity of 1,800 megawatts [2] - The project aims to generate 3.614 billion kilowatt-hours annually and has a water pumping capacity of 4.818 billion kilowatt-hours, with the first unit expected to be connected to the grid by 2030 [2] Construction Progress - The ventilation and safety tunnel spans 1,395 meters and is a critical control project within the overall pumped storage initiative, achieving a monthly advancement record of 203 meters [2] - The construction team has worked continuously since the first blast on December 6, 2024, to complete the tunnel three months ahead of the planned schedule [2] Digitalization and Management - The smart construction center for the Taizi River Pumped Storage Power Station has been put into operation, utilizing IoT, big data, AI, 5G, and BIM technologies to enhance construction efficiency and safety [3] - The project has received strong support from local government, which has established working groups and streamlined administrative processes to facilitate timely project advancement [3] Future Impact - Once completed, the power station will primarily serve the Liaoning power grid, playing a crucial role in peak shaving, valley filling, energy storage, frequency modulation, and emergency backup, thereby supporting the development of clean energy and improving power supply quality [4] - The project aligns with national goals for carbon peak and carbon neutrality, contributing to the optimization of the energy structure and the layout of pumped storage in the power grid [4]

（一）发行要素 1、计划管理人：中信建投证券股份有限公司、华泰证券（上海）资产管理有限公司 2、发行规模：本产品为储架申报，分期发行，储架募集总规模不超过40.00 亿元，拟发行不超8期。首 期发行规模预计为6.08亿元，具体发行要素以最终首期发行材料为准 （二）主要运作流程 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 为优化经营模式，新奥天然气股份有限公司（以下简称"公司"）控股子公司新奥（中国）燃气投资有限 公司（以下简称"新奥中国投"）拟以下属公司持有的分布式光伏发电项目和储能电站项目为底层资产， 发行资产支持专项计划。 近日，深圳证券交易所出具了《关于中信建投、华泰资管"新奥泛能1-8期碳中和绿色资产支持专项计 划"符合深交所挂牌条件的无异议函》（深证函〔2025〕1251号），对"新奥泛能1-8期碳中和绿色资产 支持专项计划"（以下简称"资产支持专项计划"）符合挂牌要求无异议。公司现将本资产支持专项计划 的相关情况自愿公告如下： 一、资产支持专项计划发行方案 特此公告。 新奥天然气股份有限公司 董 事 会 3、挂 ...

Industry Overview - The lithium-ion battery industry is defined as the manufacturing sector engaged in the production of lithium batteries, primarily focusing on lithium-ion batteries, which are the most commonly used type in the market [1][3] - Lithium batteries are categorized into two types: those using metallic lithium as the anode and lithium-ion polymer batteries, which utilize polymer electrolytes [1][3] Industry Chain Analysis - The lithium battery industry chain consists of upstream suppliers of core materials (anodes, cathodes, electrolytes, separators), midstream manufacturers, and downstream applications and recycling [4][7] Industry Development History - The lithium battery industry in China has evolved through four stages: core technology accumulation, production scale expansion, application field expansion, and high-quality development [11] - By 2024, China's lithium battery shipments are expected to account for over 80% of the global market share, solidifying its position as a leading producer [11] Policy Background - National policies support the stable development of the lithium battery industry through funding, resource sharing, and regulatory simplifications [14][15] - Key policies include export controls on high-performance lithium-ion batteries and regulations on the recycling of used batteries [15][16] Current Industry Status - In 2024, China's lithium battery production is projected to exceed 940 GWh, with a year-on-year growth of 25%, and the total industry output value surpassing 1.4 trillion yuan [17] - The lithium battery shipment volume is expected to reach 1,175 GWh in 2024, reflecting a year-on-year increase of 32.62% [18] - The installed capacity of lithium batteries is anticipated to exceed 645 GWh in 2024, with a growth rate of 48% [19][22] - The average price of lithium batteries is forecasted to drop to $115 per kWh in 2024, marking a significant decline of 20% from 2023 [24] Product Structure - Phosphate iron lithium batteries have become the mainstream due to their cost advantages and safety features, accounting for 60% of lithium battery shipments in 2024 [25] Competitive Landscape - China is the largest lithium battery producer globally, with major companies like CATL, BYD, and others leading the market [29] - In 2024, the top 15 domestic power battery companies by installed capacity include CATL, BYD, and others, with CATL holding a market share of 42.7% [29] Future Development Prospects - The lithium battery market is expected to grow significantly, driven by the expansion of the electric vehicle market and the push for carbon neutrality [31] - The industry is predicted to maintain a growth rate of approximately 26% until 2030, with the market size potentially reaching 5,022 GWh [31] - Future trends indicate an increase in the market share of polymer lithium-ion batteries and advancements in solid-state battery technology [32]

"天地之大德曰生"，《易经》以此开篇。1895年，张謇在南通创办第一家实业纺纱厂，名曰"大生纱厂"，寓意开办纱厂造福百姓，这也是张謇迈出实业救国 的关键一步。 漆颖斌并不是南通本地人，他2006年来到南通工作。2011年底，他开始担任大生集团总会计师。在不知不觉间，他被这位先贤的人格魅力所深深打动。"能 够来大生这样一家具有历史底蕴和精神内涵的百年企业工作，是可遇而不可求的机会。这份基业的传承与焕新，亦是一代又一代大生人心中牢记的目 标。"大生纱厂，已成为南通纺织业的缩影，更是中国百年纺纱工厂的"活标本"。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 仲茜）来到"近代第一城"江苏省南通市，不得不提一个人，清末"状元企业家"张謇。他高中状元，却放下毛笔，拨动算珠， 以"实业救国"为初心，在家乡南通兴办实业、投身教育，开辟了新路，造福于一方。 "在那个充满不确定的时代，创办企业，谈何容易；办好企业，更不容易。张謇这位清代状元企业家，他却做到了。"大生纱厂董事长漆颖斌说，张謇从打造 一个核心产品起家，先后布局农业、商业、船舶业、电讯业、教育业，环环相扣，一手打造了商业传奇。"他敢为人先、强毅力行，克勤克 ...

"北方温度"团队负责人姜博 2024年广发证券·KAB大学生微创业行动扶持项目 项目名称:"北方温度"——风能直驱式低功耗水地暖混合供热系统 项目负责人: 姜博 学校:河北工业大学 团队成员: 王森、吴寒、李铭禹、万顷 指导老师:徐博宏、张义明 感悟微创业 创业如航海,风浪中方知初心可贵。三年摸爬滚打,最大的感悟是：失败 不是终点,而是重新校准方向的罗盘。曾为产品细节彻夜争吵,却在用户 反馈中发现,最朴素的需求往往藏在最不起眼的角落。团队比拼图更珍 贵,每个成员的棱角都是互补的缺口。现金流焦虑教会我,活着比完美更 重要;客户拒绝让我明白,真诚比活术更有力量。创业不是证明自己多聪 明,而是承认自己有多无知。那些辗转反侧的夜晚,那些擦肩而过的机 会,最终都化作骨子里的韧性。如今方知,真正的护城河不是技术壁垒, 而是持续进化的能力。创业维艰,但每个咬牙坚持的瞬间,都在重塑生命 的维度。 项目简介 项目针对现有北方集中供热环节中最重要的产品硬件 -- 热力供应管道进 行了全新的产品设计,我们采用多复合型结构,我们在原始的管道结构基 础上进行了全新的结构重组与空间构建,我们介入了一种全新的风能直驱 式增烩装置,采用外部 ...

本报（chinatimes.net.cn）记者刘凯 北京报道 近日，欧盟委员会在争议声中正式公布了对2035年汽车排放法规的重大修订方案。核心内容是将新车减 排目标从原定的100%调整为90%，剩余10%的排放可通过低碳钢、电子燃料或生物燃料等方式抵消。与 此同时，欧盟取消了原定的2040年全面停售计划，并通过引入"积分存储和借用"等灵活机制，为混合动 力及高效内燃机技术敞开了大门。 这一表态与两年前欧盟坚决推进"完全零排放"的立场形成明显对比。德国总理默茨曾致信欧盟委员会主 席冯德莱恩，明确要求允许2035年后继续使用生物燃料或合成燃料的高效内燃机。德国汽车工业协会 （VDA）此前警告，原"禁燃令"可能危及约27万个就业岗位。据了解，汽车制造业约占德国GDP的 6%，关联近百万工作岗位。 在法国、意大利等国，汽车产业同样是经济支柱。目前，欧洲车企在电动化转型中普遍陷入"卖一辆亏 一辆"的困境。据摩根士丹利分析，传统车企在欧洲每售出一辆电动车平均亏损高达3000—6000欧元。 大众汽车集团CFO指出，低利润率的电动车产量增加是业绩走弱的主因。2025年第三季度，大众遭遇近 五年来首次季度净亏损，奔驰同期营收 ...