"十五五"规划纲要草案明确，全面实施"人工智能+"行动。全国人大代表、江苏昆仑互联新能源集团有限公司（简称"昆仑新能"）董事长刘怀平 在接受证券时报记者专访时表示，要鼓励支持"人工智能+"钢铁能效优化。通过对能源流、物质流、信息流的精准感知、智能决策与动态调 控，"人工智能+"钢铁能效优化能突破传统依赖人工经验和固定机理模型的能效管理瓶颈，已成为钢铁行业实现绿色低碳、精益化发展的重要路 径。 今年全国两会，刘怀平围绕人工智能赋能钢铁工业、钢铁行业推进综合能源管控等主题，积极建言献策。 刘怀平表示，当前，我国钢铁行业正处在由规模扩张向高质量发展转型的关键阶段，面临节能减排、降本增效、绿色低碳发展等多重挑战。推动 人工智能与钢铁生产深度融合，特别是聚焦能源消耗关键环节进行智能化改造与能效优化，是提升行业核心竞争力、落实"双碳"战略的重要路 径。 "不过，'人工智能+'钢铁能效优化的规模化、深度化应用仍面临诸多挑战。"刘怀平表示，一方面，行业数据资源"孤岛"仍存，多源异构的能源、 生产、设备数据尚未实现全面贯通和高效治理，制约了大模型训练与优化；另一方面，"人工智能+"钢铁能效优化的复合型技术解决方案尚不成 熟，机 ...

Group 1 - The "Yuan Zhi Jian Xin Energy Storage Asset Private Equity Fund" has been officially established with a total scale of 500 million yuan, focusing on new energy storage stations primarily based on electrochemical storage, integrated solar storage, and energy management systems [3][5] - XINWANDA, a leading global provider of lithium battery and energy storage system solutions, plays a crucial role in this collaboration by providing industry leadership and technical support [5] - The fund has already reserved a number of high-quality projects in Guangdong, Zhejiang, Anhui, and Hebei, aiming to promote energy transition and cultivate new productive forces through capital operations and complementary industrial advantages [5] Group 2 - XINWANDA has confirmed its participation in the 14th International Energy Storage Summit and Exhibition (ESIE 2026), inviting industry peers to attend this global energy storage industry event [6] - The ESIE 2026 will take place from March 31 to April 3, 2026, at the Capital International Exhibition Center in Beijing, with free admission for attendees [7]

（於開曼群島註冊成立之有限公司） （股份代號：1372） 香港交易及結算所有限公司與香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不作任何陳述，並明確聲明概不承擔因本公告全部或任何部分內容而產生或因 倚賴該等內容所引致之任何損失之任何責任。 認購方是一家用人工智能（「AI」)+資本賦能生態環境治理的環境+數智、環境+綠碳、 環境+新能源的綜合能碳全產業投資平台，專注環境治理，特別是 AI 軟硬體在環境治理領域 的應用專案的投資與孵化，將環境治理和水資源、綠色能源、土地資源、數據資源等有機融 合，為中國「雙碳」戰略的落地提供智能化、產業化實踐平台，通過綠色設計、綠色產品、 綠色服務、綠色金融，創新驅動綠色低碳高質量發展，為中國「雙碳」戰略目標圓滿實現提 供全價值鏈解決方案。 三、對本集團之影響 自願公告 引入笛智綠碳科技作為基石投資者及 認購 4,000 萬股中國碳中和股份 本公告乃由中國碳中和發展集團有限公司（「本公司」或「中國碳中和」，連同其附屬 公司統稱「本集團」）作出之自願性公告，以知會本公司股東及有意投資者關於本集團業務 之最新消息。 一、訂立認購投資協議 董事（「董事」）會（「 ...

Investment Rating - The report emphasizes a positive outlook for the green electricity sector, highlighting a "turnaround opportunity" driven by policy catalysts [9]. Core Insights - The government work report on March 5, 2026, sets a target to reduce carbon dioxide emissions per unit of GDP by 3.8% and aims for a cumulative reduction of 17% during the 14th Five-Year Plan period, indicating China's commitment to the "dual carbon" strategy [2][5][9]. - The report stresses the importance of controlling high energy consumption and high emission projects, which will create strong demand for the green electricity sector and support its long-term value [2][9]. - The shift in policy focus from supply-side expansion to demand-side stimulation is expected to improve the operating environment for the renewable energy industry, as stricter environmental requirements will drive the consumption of green electricity in high-energy industries [9]. Summary by Sections Government Work Report - The report outlines the goal of reducing carbon emissions per unit of GDP by 3.8% in 2026 and a cumulative reduction of 17% during the 14th Five-Year Plan [5][9]. - It emphasizes the need for a robust green and low-carbon economy, including the management of high-emission projects and the elimination of outdated production capacity [9]. Policy Implications - The report indicates a transition in policy focus from supply-side construction to demand-side growth, which is expected to enhance the long-term value of the green electricity sector [9]. - The tightening of environmental regulations is anticipated to lead to a significant increase in the demand for green electricity, particularly in energy-intensive industries [9]. Investment Recommendations - The report suggests focusing on companies in the green electricity sector, such as Longyuan Power H, Xintian Green Energy H, Three Gorges Energy, and Zhongmin Energy, as they are likely to benefit from the expanding demand for green certificates and environmental premium [9].

香港交易及結算所有限公司與香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不作任何陳述，並明確聲明概不承擔因本公告全部或任何部分內容而產生或因 倚賴該等內容所引致之任何損失之任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：1372） 自願公告 業務發展最新情況 本公告乃由中國碳中和發展集團有限公司（「本公司」，連同其附屬公司統稱「本集團」） 作出之自願性公告，以知會本公司股東及有意投資者關於本集團業務之最新消息。 一、再生資源業務 本集團與中國鐵塔、中國再生資源、億緯鋰能等頭部企業合作，共同推動鋰電循環經濟 生態圈建設，落實國家「雙碳」戰略目標。結合線上平台「尋鋰網」與區塊鏈溯源技術，共 建規範化、高效率的鋰電池回收體系。目前「尋鋰網」正加速構建以「9 個綜合處理基地、 80 個中心倉、5,000 個回收網點」為骨架的全國性線上線下一體化回收網絡，已覆蓋湖北、 湖南、河南、江西、廣東、浙江等多個重點區域。預測年廢電池及黑粉回收量可達 5 萬噸； 與多家電芯廠商合作，每月交易量可達 80 萬支；废旧锂电池綜合利用月資金規模已超過 3,000 萬元人民幣，預計年資金規模達 5 億元人 ...

Core Insights - The article emphasizes the urgent need for breakthroughs in packaging materials that are high in carbon emissions, difficult to degrade, and have low recycling rates, particularly in the context of global green transformation [5][6]. Group 1: Industry Trends - The demand for cushioning materials is growing due to the booming e-commerce, logistics, home furnishing, and cross-border export industries, but there is a challenge in achieving a balance between environmental friendliness, high performance, and low cost [5]. - Major logistics companies like SF Express, JD Logistics, and others are undergoing comprehensive green transformations, focusing on solutions that are green, reduced, degradable, and circular [6]. Group 2: Innovations in Biobased and Degradable Materials - Several leading companies are entering the market for new biobased and degradable cushioning materials, with products that can compete with traditional petroleum-based packaging solutions [7]. - Notable innovations include: - Wanhua Chemical's three types of degradable cushioning packaging materials [7]. - Yutong Packaging's Ecocoon™ plant fiber-based dry method cushioning product [11]. - HeShuMei's plant fiber foaming materials and 3C electronic product cushioning solutions [12]. - Baikore's globally pioneering biobased degradable cushioning materials [15]. - Foshan Bijiagao New Materials' degradable pearl cotton [19]. Group 3: Industry Events and Collaborations - The 11th Bio-based Conference and Exhibition (Bio-based 2026) will take place from May 20-22, 2026, in Shanghai, featuring various forums and activities aimed at promoting collaboration and innovation in the biobased industry [21][22]. - The event will include 11 thematic forums and 7 concurrent activities, focusing on key areas such as biobased chemicals, materials, and packaging [21][22]. Group 4: Challenges in the Industry - The promotion of biobased and degradable cushioning materials faces challenges such as production cost pressures, difficulties in standardized production, and severe homogenization of paper-based cushioning products leading to increased competition [19].

Core Viewpoint - The article highlights the positive impact of geopolitical tensions in the Middle East on the oil and oil service industry, particularly benefiting companies like CNOOC Engineering, which has seen significant stock price increases and strong order growth [3][6][18]. Industry Overview - The escalation of geopolitical conflicts, particularly between the US and Israel regarding Iran, has raised concerns about global oil supply stability, leading to an upward trend in international oil prices [7]. - Increased oil prices typically encourage oil companies to invest more in exploration and development, which in turn boosts demand for oil service companies [7]. Company Performance - CNOOC Engineering has experienced a remarkable 124.85% year-on-year increase in market contracts, achieving a total of 37.24 billion yuan in contracts by the third quarter of 2025, with overseas contracts reaching a record high of 29.34 billion yuan [7][8]. - The company has a robust order backlog of approximately 59.5 billion yuan, ensuring sustained profitability [7]. Project Development - The company is advancing several key domestic projects, including the Bohai 19-6 gas field phase II development and the West Lake gas transmission project [8]. - Internationally, projects in Qatar, such as the ISND 5-2 and Bul Hanine EPIC projects, are progressing well, showcasing the company's competitive edge in the Middle East [8]. Technological Innovation - CNOOC Engineering emphasizes technological innovation, with R&D expenditures reaching 783 million yuan in the first three quarters of 2025, a 21.93% increase year-on-year [10]. - The company has made significant advancements in deep-sea technology and intelligent manufacturing, enhancing its competitive position in the industry [10]. Financial Health - The company reported a revenue of 17.66 billion yuan and a net profit of 1.605 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 7.6% [15]. - As of September 2025, the company had total assets of 47.883 billion yuan and a debt-to-asset ratio of 39.35%, indicating a solid financial structure [17]. Shareholder Support - The controlling shareholder, China National Offshore Oil Corporation, has initiated a share buyback plan, committing to purchase between 300 million to 500 million yuan worth of shares, which reflects confidence in the company's future [11][13]. - As of October 2025, the controlling shareholder has increased its stake to 55.39%, further solidifying its support for the company [11][12].

Core Viewpoint - The article highlights the remarkable entrepreneurial journey of Zhang Guoping, who founded Nali New Materials at the age of 70 and achieved a valuation of 9 billion yuan within three years, making it a global unicorn in the renewable energy sector [6][47]. Group 1: Entrepreneurial Journey - Zhang Guoping, born in 1952 in Jiangsu, started his career in agriculture and later ventured into business during China's reform era, founding Shenda Group and becoming a leader in the plastic packaging industry [16][18]. - Under Zhang's leadership, Shenda Group developed advanced multi-layer composite films, capturing a significant market share and saving the country substantial foreign exchange [20][23]. - Despite achieving great success, Shenda Group faced a financial crisis in 2006 due to a failed mutual guarantee with another company, leading to bankruptcy proceedings in 2013 [28][34]. Group 2: New Venture in Renewable Energy - In 2020, Zhang identified opportunities in the renewable energy materials sector and founded Yangzhou Nali New Materials Technology Co., focusing on the development of composite current collectors for lithium batteries [38][39]. - The composite current collector technology addresses critical issues in traditional metal foil collectors, such as safety risks and high costs, positioning Nali for significant market growth in the expanding lithium battery industry [41][45]. - Nali has rapidly established itself as an industry leader, achieving a tenfold increase in sales from 2022 to 2024 and securing approximately 1 billion yuan in funding, with a valuation reaching 9 billion yuan [49][50]. Group 3: Market Position and Future Outlook - By 2025, Nali is projected to capture 12% of the composite current collector market, despite the overall market penetration being just over 5% [52]. - The company's innovative approach, combining upstream material innovation with downstream industry collaboration, is seen as a key pathway for China's transition from a manufacturing powerhouse to a technology leader in the renewable energy sector [50].

Investment Performance - The gold stock portfolio for February achieved a return of +2.07%, with a cumulative annual return of +17.8% as of February 28, 2026, outperforming the Shanghai Composite Index and CSI 300 Index by 1.98 percentage points and 1.48 percentage points respectively [1] - The top-performing sectors in the Shenwan first-level industry classification were comprehensive (+18%), steel (+10%), and building materials (+8%) [1] March Investment Strategy Outlook - The A-share market is expected to remain volatile due to valuation levels in certain sectors and external geopolitical influences, with a notable focus on value assets represented by free cash flow indices [2] - The upcoming National People's Congress is anticipated to increase thematic investment opportunities, making macro narratives a key driver for market direction [2] - It is recommended to select stocks with solid fundamentals and low implied expectations in their current valuations, while maintaining a balanced portfolio to avoid overexposure to any single sector [2] Recommended Gold Stocks for March - Utilities: Guiguan Electric Power (600236.SH), Power Equipment: Dongfang Electric (600875.SH) [3] - Electronics: Helin Micro-Nano (688661.SH), Media: Kaiying Network (002517.SZ) [3] - Chemicals: Sanyou Chemical (600409.SH), Xin Fengming (603225.SH) [3] - New Materials: Huafeng Aluminum (601702.SH), Building Materials: China Jushi (600176.SH) [3] - Construction: Honglu Steel Structure (002541.SZ), Transportation: China Merchants Energy Shipping (601872.SH) [3] Company-Specific Insights Guiguan Electric Power (600236.SH) - Plans to acquire a group company in Tibet for 2 billion yuan at 1.1 times PB, gaining access to hydropower resources expected to be operational by 2026-2027 [4] - The company is positioned to support the group's mission in Tibet and is expected to benefit from the national clean energy demonstration base [4] Dongfang Electric (600875.SH) - Increased global electricity demand driven by AI capital investment is expected to boost demand for gas turbines and other power equipment [5] - The company is well-positioned in nuclear power, pumped storage, solar thermal, and hydrogen energy sectors, with leading technology capabilities [5] Helin Micro-Nano (688661.SH) - The chip testing industry is entering a "volume and price rise" cycle due to increased complexity and testing duration [7] - The company is expected to gain market share as supply chain constraints affect competitors, leading to improved performance [8] Kaiying Network (002517.SZ) - The company has secured exclusive licensing for popular games, with a daily active user count nearing 500,000, indicating strong community engagement [10] - AI initiatives are progressing, with new interactive applications expected to launch in early 2026 [10] Sanyou Chemical (600409.SH) - Cotton price increases are expected to drive up demand and prices for viscose, with significant reductions in cotton planting area impacting supply [12] - The company is currently trading at a historical low PB of 1.2 times, indicating a high safety margin [13] Xin Fengming (603225.SH) - The polyester filament market is entering an upcycle, with low inventory levels and expected demand recovery post-holiday [15] - Anticipated profitability improvements in the PTA sector due to limited new capacity and stable downstream demand [15] Huafeng Aluminum (601702.SH) - The company is positioned to benefit from the growing demand for aluminum thermal materials in the electric vehicle sector [18] - The trend of "aluminum replacing copper" is expected to accelerate, opening new market opportunities [18] China Jushi (600176.SH) - The company is at a potential market turning point for electronic fabrics, with prices expected to rise significantly [19] - High-end electronic fabric certifications are progressing faster than anticipated, indicating strong future demand [19] Honglu Steel Structure (002541.SZ) - The company is expected to achieve a production volume of 5.021 million tons in 2025, with a utilization rate of approximately 96.55% [20] - The integration of advanced automation and project management systems is expected to enhance production efficiency [20] China Merchants Energy Shipping (601872.SH) - The oil shipping market is expected to perform strongly due to favorable fundamentals and geopolitical factors [21] - The company is the world's largest owner of VLCCs, positioning it well to benefit from the improving oil and dry bulk shipping markets [21]

Core Insights - Changsha BYD has been recognized at the Changsha 2025 High-Quality Development Awards, winning two significant honors for outstanding contributions to economic quality and industrial strength, highlighting its role in supporting BYD's global leadership in the electric vehicle market [3] Group 1: Company Performance - In 2025, BYD achieved a record 2.257 million pure electric vehicle sales, securing the top position globally in pure electric sales and maintaining its status as the world's leading seller of new energy vehicles [3] - BYD has established a collaborative development framework in Changsha, comprising six major bases that cover key industries such as new energy vehicles, advanced energy storage, and new displays, creating over 60,000 jobs and exceeding 100 billion yuan in annual output value for four consecutive years [3][4] Group 2: Export and Innovation - In the past year, Changsha BYD's vehicle exports reached 82,000 units, marking a 135% year-on-year increase, contributing over 5 billion yuan to the total import and export value, making it a standout in Changsha's foreign trade [4] - Changsha BYD serves as a crucial technology transfer base for the group, implementing core technologies such as blade batteries and advanced intelligent driving systems, which enhance safety and production efficiency [4] Group 3: Industry Ecosystem - As a leading player, Changsha BYD has significantly stimulated the local new energy vehicle industry ecosystem, attracting upstream and downstream suppliers and establishing a vertically integrated system from battery to vehicle manufacturing [4] - The company aims to leverage its existing industrial foundation to drive upgrades and maintain its competitive edge across all product categories, contributing to Changsha's goal of becoming a national hub for advanced manufacturing [5][6]