Core Viewpoint - The central six provinces of China are strategically planning their "14th Five-Year" initiatives to enhance efficiency and promote green expansion, aiming to establish a modernized growth model in the region [1] Group 1: Agricultural Development - The six provinces prioritize national food security in their planning, focusing on technological empowerment, green transformation, brand enhancement, and industry integration to redefine the modern connotation of "fish and rice country" [2] - Each province is breaking traditional agricultural paradigms by shifting towards a full industry chain layout, with initiatives such as Hubei's focus on high-quality agricultural production zones and Henan's goal of becoming a national base for quality grain and oil production [2] Group 2: Energy Transition - Energy transition is viewed as a key strategy for building a modern industrial system, with provinces like Shanxi aiming to evolve from a coal province to an energy powerhouse by integrating coal with new energy sources [3] - The construction of new energy systems is a priority, with various provinces planning to develop clean energy sources such as wind, solar, and biomass, alongside innovative energy technologies like controlled nuclear fusion [3] Group 3: Consumption and Economic Circulation - The term "consumption" appears frequently in the planning documents, indicating a strong focus on stimulating domestic demand as part of the new development pattern [4] - New consumption trends are emerging from the region, with cities experiencing rapid growth in retail sales, and initiatives to promote new economic activities such as e-sports and cultural tourism [4][5]

Core Points - The "Liaohot into Jinan" project has officially commenced operations, marking the end of coal heating in Jinan after 40 years, transitioning to a coal-free heating era [2][3] - The project consists of two lines totaling 150 kilometers, with the northern line already operational since November 9, 2023, and the southern line starting on December 28, 2023 [2] - The project utilizes industrial waste heat from nearby power plants, significantly reducing coal consumption and contributing to cleaner air quality in Jinan [3] Summary by Sections Heating Transition - Jinan has shut down 54 coal-fired boilers, establishing a new heating system based on large clean energy sources like Huangtai Power Plant and others [3] - The "Liaohot into Jinan" project can support a heating demand of 100 million square meters, saving approximately 1.2989 million tons of standard coal annually [2] Environmental Impact - The transition to clean heating has led to a significant improvement in air quality, with the number of days with good air quality increasing from 61 days in 2013 to 244 days in 2024 [3] - The city aims to achieve its "dual carbon" goals through this transformation, providing a model for other northern regions in winter clean heating [4]

从今年看，截至12月28日零时，内蒙古特高压电网2025年以来外送电量突破1800亿度，达1870.17亿 度，创下年度外送电新高，位居全国第一，相当于6500万户家庭一年用电量，累计减少原煤消耗约6200 万吨。其中，外送清洁电能约620亿度，占比超30%。至此，从自治区首条特高压电网线路2016年8月建 成投运以来，内蒙古特高压电网外送电量已保持连续8年增长的良好态势。 作为国家重要能源和战略资源基地，内蒙古能源资源禀赋得天独厚，煤炭资源储量占全国的1/4以上， 风能资源技术可开发量约占全国的57%，太阳能资源技术可开发量约占全国的21%，3项指标均居全国 前列。依托这一优势，内蒙古持续优化能源结构，形成多点布局、多向外送的特高压输电通道体系，为 新能源跨省消纳提供了"超级高速公路"支撑。2025年，国网内蒙古东部电力公司开工特高压电网配套工 程13项，已投运3项，为特高压电网外送电提供了强劲的电源汇集与输送保障。 此前，全国首个特高压GIS（气体绝缘组合电器设备）全景感知实验室在内蒙古投运，实现了对特高压 电网设备运行状态毫秒级感知，保障了自治区特高压输电大通道安全运行。随着电网上游电力装机规模 的持续 ...

"中国近年来在扩大市场准入、优化营商环境方面取得了显著成效，增强了跨国企业在华发展的信 心。""信心"是夏弘业接受专访时用到的高频词，"我们对中国持续投入生态转型的承诺充满信心，相信 这将为中外企业创造更多合作机会，推动全球可持续发展。" 2026年是"十五五"规划的开局之年，中国持续扩大高水平对外开放，欢迎更多跨国企业来华投资兴 业。"中国的五年规划为市场提供了清晰稳定的政策导向，这种可预期的营商环境对跨国企业的长远战 略规划具有重要意义。"夏弘业表示，"展望未来，我们将继续发挥自身在环保领域的技术与项目专长， 紧密契合中国市场的绿色发展诉求，以创新驱动未来发展，与中国伙伴共同推动更多高质量、务实高效 的合作。" 多年来，苏伊士集团见证并深度参与了中国各领域绿色转型的实践。在上海，苏伊士集团为中石化等化 工巨头提供全方位的水务和固废处置服务，在处理高浓度污水和实现危险废物资源化利用的同时降低碳 排放；在澳门，苏伊士集团利用数字解决方案助力这座高人口密度的城市提升水资源利用效率，将供水 漏损率从1985年的18.1%降至目前的约8%，居世界领先行列；在山东烟台，苏伊士集团建设的工业膜法 海水淡化厂项目已投入运 ...

新兴趋势凸显。企业ESG管理正迈向"智能化、一体化"，近半数企业已部署环境监测系统，ESG数据自 动化采集比例持续提高。社会责任实践向"产业赋能＋价值共创"模式深化，同时，ESG风险正被加速纳 入企业核心合规与内控体系。 为树立标杆、引导可持续发展，项目组依据《企业环境社会治理（ESG）评价指南》（T／ACEF 168 －2024），经系统评价与第三方鉴证，同步发布了"2025中国企业ESG指数100"榜单，并精选出10个国 内ESG卓越实践案例及10个出海企业ESG典型案例。 研究发现，2024年度中国企业ESG发展呈现三大显著变化。 整体突破，格局分化。ESG指数首次跨越50分，呈现"头部引领、中部追赶、尾部收缩"态势。头部10％ 企业平均得分达79.2分，已逼近国际一流水平；中部80％企业均分提升至56.3分，与头部差距持续收 窄；尾部企业虽仍滞后，但整体呈现合理分化。 维度发展不均衡。社会维度以56.6分继续领跑；环境维度得分54.9分，两年累计提升12.6分，增速最 快，成为支撑"双碳"目标的重要增长极；治理维度得分42.7分，虽年度增幅最大，但仍为明显短板，其 信息披露得分率仅约30％，是制约整体 ...

"今年是苏伊士集团进入中国市场50年。我们十分珍视这段跨越半个世纪的合作历程，以及与中方伙伴 建立的深厚信任关系。"法国苏伊士集团首席执行官夏弘业日前在接受本报记者专访时表示，"法中两国 企业拥有深厚的专业知识和强大的产业实力，现在正是我们携手开拓新合作、应对当前挑战和推动可持 续发展的关键时刻。" 日前，法国总统马克龙对中国进行国事访问。作为马克龙总统访华商务代表团成员，苏伊士集团此行与 江苏省和山东省的合作伙伴达成了两项环保领域的新合作。"法中两国在应对气候变化、环境保护、清 洁能源等领域长期保持密切合作，我们期待进一步深化两国在相关领域的协同创新与合作。"夏弘业 说。 多年来，苏伊士集团见证并深度参与了中国各领域绿色转型的实践。在上海，苏伊士集团为中石化等化 工巨头提供全方位的水务和固废处置服务，在处理高浓度污水和实现危险废物资源化利用的同时降低碳 排放；在澳门，苏伊士集团利用数字解决方案助力这座高人口密度的城市提升水资源利用效率，将供水 漏损率从1985年的18.1%降至目前的约8%，居世界领先行列；在山东烟台，苏伊士集团建设的工业膜法 海水淡化厂项目已投入运营，经过处理的海水作为当地化学工业园区的补 ...

"中国近年来在扩大市场准入、优化营商环境方面取得了显著成效，增强了跨国企业在华发展的信 心。""信心"是夏弘业接受专访时用到的高频词，"我们对中国持续投入生态转型的承诺充满信心，相信 这将为中外企业创造更多合作机会，推动全球可持续发展。" 2026年是"十五五"规划的开局之年，中国持续扩大高水平对外开放，欢迎更多跨国企业来华投资兴 业。"中国的五年规划为市场提供了清晰稳定的政策导向，这种可预期的营商环境对跨国企业的长远战 略规划具有重要意义。"夏弘业表示，"展望未来，我们将继续发挥自身在环保领域的技术与项目专长， 紧密契合中国市场的绿色发展诉求，以创新驱动未来发展，与中国伙伴共同推动更多高质量、务实高效 的合作。" （文章来源：人民日报） "今年是苏伊士集团进入中国市场50年。我们十分珍视这段跨越半个世纪的合作历程，以及与中方伙伴 建立的深厚信任关系。"法国苏伊士集团首席执行官夏弘业日前在接受本报记者专访时表示，"法中两国 企业拥有深厚的专业知识和强大的产业实力，现在正是我们携手开拓新合作、应对当前挑战和推动可持 续发展的关键时刻。" 多年来，苏伊士集团见证并深度参与了中国各领域绿色转型的实践。在上海，苏伊士 ...

Core Insights - Hebei province is accelerating the construction of a new energy strong province, with renewable energy installed capacity reaching 14,236.7 MW by November 2025, accounting for 72.4% of the total power installed capacity [1] - The province's efforts contribute significantly to the national "dual carbon" goals, enhancing the green aspect of economic development [1] Renewable Energy Development - The province is focusing on large-scale wind and solar power projects, with a new management approach for wind and solar project approvals introduced in December [2] - By November 2025, the installed capacity of wind and solar energy in the Hebei North grid reached 7,764.81 MW, representing 70.66% of the total, leading the nation among provincial grids [1][2] Energy Storage and Stability - The Hebei Fengning Pumped Storage Power Station has a total installed capacity of 3.6 million kW, capable of absorbing 8.716 billion kWh of green electricity annually [3] - The province has a planned total capacity of 29.97 million kW for pumped storage, ranking first in the country [3] Green Computing and Data Centers - Zhangjiakou city is developing a green computing hub, leveraging local renewable energy resources, with green electricity consumption for computing reaching 4.412 billion kWh by November [4] Hydrogen Energy Initiatives - The construction of the largest green hydrogen pipeline project in terms of diameter, pressure, and distance has commenced, with Hebei being selected as one of the national hydrogen energy pilot regions [5] Electricity Transmission and Trading - Hebei's power grid investments have enhanced the coordination of energy sources, networks, loads, and storage, facilitating the reliable delivery of green electricity [6] - By December 11, 2025, the province's green electricity trading volume exceeded 43.465 billion kWh, a year-on-year increase of 54.83% [6][7] Green Electricity Trading System - The province is reforming its green electricity trading system to enhance flexibility and efficiency, with cumulative green electricity trading reaching 48.004 billion kWh from January to November, accounting for 27.7% of total trading volume [7]

核聚变科学与工程学院院长陈熙萌作学院建设报告，从建设意义与基础、建设定位与目标、建设方案与 预期成效、管理体制与运行机制等方面进行了阐述。他表示，学院将以国家重大能源战略需求为导向， 紧密围绕核聚变关键科学问题开展前沿研究，以高水平科学研究反哺创新人才培养，通过"基础-专业- 实践-创新"的复合模式，融合多学科交叉优势，培养具备国际视野、掌握核心技术、能承担未来聚变工 程重任的拔尖创新人才。 目前，陈熙萌还担任兰州大学核科学与技术学院院长、党委委员。 据兰州大学新闻网消息，12月26日，兰州大学召开"聚力·聚变"拔尖创新人才培养研讨暨核聚变科学与 工程学院成立大会。 会上，举行了学院学术委员会主任与管理层人员聘任仪式、理事会成员单位签约仪式。兰州大学校长杨 勇平为核聚变科学与工程学院学术委员会主任颁发了聘书。副校长范宝军为核聚变科学与工程学院管理 层兼职人员颁发了聘书，副校长王为代表学校与首届五家理事单位签署了合作协议。 消息称，兰州大学党委书记马小洁指出，国家"十五五"规划建议提出，要前瞻布局未来产业，推动量子 科技、生物制造、氢能和核聚变能、脑机接口等成为新的经济增长点。在此背景下，成立核聚变科学与 工程 ...

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The utility sector has shown a weekly increase of 0.8%, underperforming the broader market, which rose by 1.9% [4][12] - The power sector specifically increased by 0.65%, while the gas sector saw a larger increase of 2.59% [4][16] - The report highlights a continuous growth in global offshore oil and gas exploration and development investments, with a compound annual growth rate of 11% over the past five years [5] Summary by Sections Market Performance - As of December 26, the utility sector's performance was below the market average, with the power sector up by 0.65% and the gas sector up by 2.59% [4][12] - The top-performing sub-sectors included thermal power generation, which rose by 2.45%, while hydropower saw a decline of 0.77% [16] Power Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) was 677 CNY/ton, down 34 CNY/ton week-on-week [4][21] - Coal inventory at Qinhuangdao Port decreased to 6.97 million tons, a drop of 310,000 tons week-on-week [30] - Daily coal consumption in inland provinces increased to 3.967 million tons, up 5.56% week-on-week [30] Natural Gas Industry Data Tracking - Domestic LNG prices decreased to 3,937 CNY/ton, a 3.39% decline week-on-week [57] - European TTF gas prices rose by 5.4% week-on-week, while U.S. HH prices fell by 10.4% [61] - The EU's natural gas supply for week 50 was 6.11 billion cubic meters, a 0.9% increase week-on-week [65] Key Industry News - Guangdong Electric Trading Center reported a total transaction volume of 359.44 billion kWh for 2026, with an average transaction price of 372.14 CNY/kWh [5] - The report indicates that the power sector is expected to see profitability improvements and value reassessment due to ongoing supply-demand tensions [5] Investment Recommendations - The report suggests focusing on national coal power leaders such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [5] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are recommended for potential profit growth [5]