Core Viewpoint - Multinational companies, particularly Vale, are focusing on sustainable development and adapting their strategies to the Chinese market to create positive social, economic, and environmental impacts [1][4]. Group 1: Sustainable Development Strategy - Vale integrates sustainability into its business practices, aligning its ESG goals with the United Nations' 2030 Sustainable Development Goals (SDGs) [4][5]. - The company has set specific targets to reduce its carbon emissions, including a 33% reduction in absolute emissions by 2030 and achieving net-zero emissions by 2050 for Scope 1 and Scope 2 emissions [6][20]. - Vale is the first mining company to establish quantified reduction targets for Scope 3 emissions, which account for approximately 98% of its total emissions, primarily from steel production [6][10]. Group 2: Technological Innovations - Vale is deploying AI technologies to optimize resource management, carbon reduction, and supply chain efficiency, including projects like "smart mining" to reduce truck fuel consumption and greenhouse gas emissions [2][14]. - The company has invested in AI since 2016, deploying around 40 AI products and 1500 models across 80 projects to enhance operational efficiency and safety [14][15]. Group 3: Future Plans in China - China is Vale's largest market, with 187 million tons of iron ore exported in the previous year, accounting for over 60% of its total iron ore sales [17][19]. - Vale plans to invest 70 billion Brazilian Reais in the "New Carajás" project over the next five years to increase iron ore and copper production [17]. - The company is collaborating with Chinese partners to build a mineral processing plant in Oman, expected to process 18 million tons of iron ore annually by mid-2027 [19].

Core Insights - The U.S. Department of Energy announced the termination of 24 grants awarded by the Office of Clean Energy Demonstrations (OCED), totaling over $3.7 billion [1] - Nearly 70% of the terminated grants (16 out of 24 projects) were signed between the date of the 2024 U.S. presidential election and January 20 of this year [1] - The projects primarily focused on funding for carbon capture and storage (CCS) and decarbonization initiatives, with the termination expected to save American taxpayers $3.6 billion immediately [1]

作者：Akshat Rathi和Oscar Boyd 2025年5⽉29⽇中午12点（GMT+8） 要快速削减排放，⽅法很简单：实现所有能源电⽓化，并清洁电⽹。但在实 践中，各种瓶颈阻碍了进展——从繁琐的审批流程到⾼昂的电费。本周在 《零 排放》节⽬ 中，Akshat Rathi 与制⽚⼈ Oscar Boyd 携⼿，共同探讨阻碍这 ⼀转型的⼀个令⼈惊讶的罪魁祸⾸：全球变压器短缺，以及业内⼈⼠为何如 此担忧。本期节⽬将开启"瓶颈"系列，该系列旨在探索阻碍我们实现净零排 放未来那些鲜为⼈知的障碍。 零 限制我们电⽓化未来的设备 33:15 Explore Offer Get unlimited access today. Get uninterrupted access to l b l C l https://www.bloomberg.com/news/articles/2025-05-29/how-a-shortage-of-transformers-threatens-electricity-supply 1/19 2025/5/29 12:51 变压器短缺如何威胁电⼒供应 - 彭博社 绿⾊的 | 零 ...

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 2025势银绿氢产业大会（7月16-17日，江苏·无锡） 点此报名 重要会议： 2025势银（银川）长时储能产业大会（7月2日-3日，宁夏·银川） 点此报名 添加文末微信，加 绿氢 群 本文核心观点及关键数据摘自势银（TrendBank）发布的 《可持续航空燃料市场分析与未来展 望》 ，报告共计65页。该报告通过多维度分析，展现SAF作为航空业脱碳核心手段的必要性与 复杂性，既呈现全球与中国市场的进展，也揭示技术、成本与政策协同的关键作用，为行业参 与者提供全景参考。 关键数据 1 15% 全球大部分SAF项目还处于规划阶段，且目前已建成项目产量不及预期，不到已建成产能的 15%。 3倍 2024年SAF价格相比2023年有较大的降低，但售价仍为传统航空燃料的3倍左右。 219万吨 | 表： RSB、ISCC和民航局适航认证的参考体系以及适用市场 | | --- | 2024年中国航空燃料消费量已超2019年（疫情前），乐观情 ...

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 2025势银绿氢产业大会（7月16-17日，江苏·无锡） 点此报名 重要会议： 2025势银（银川）长时储能产业大会（7月2日-3日，宁夏·银川） 点此报名 添加文末微信，加 绿氢 群 2023年全球航煤消费量为3.06亿吨，碳排放达9.62亿吨，根据国际能源署全球二氧化碳排放量368亿 吨测算，2023年航空碳排放占全球碳排放比重约2.6%。2022年10月，国际民航组织（ICAO）确立 了长期气候目标，在2050年前实现国际航空业务净零排放。航空业脱碳任务繁重，可持续航空燃料 （SAF）对于航空业脱碳至关重要。 截止2025年5月，经美国材料与试验协会（ASTM）认定的生产SAF技术路线共11条，掺混比例最 高50%。目前主流工艺有HEFA、AtJ、FT、MtJ、PtL，其中MtJ和PtL工艺尚在认定中。根据中国各 个工艺的技术现状及原料储备情况，预估至2030年，HEFA工艺为主流；2050年后PtL工艺因技术储 备成熟 ...

Core Viewpoint - HAROPA port group aims to enhance trade convenience through collaboration and infrastructure improvements, particularly with Ningbo-Zhoushan Port in China [1][2] Group 1: Company Overview - HAROPA is the largest port group in France, formed by the merger of Le Havre, Rouen, and Paris ports, and is the only river-sea intermodal port in France [1] - The port has an annual maritime and river throughput exceeding 100 million tons [1] Group 2: Strategic Initiatives - HAROPA operates 335 commercial shipping routes to China, connecting to 80 Chinese ports [1] - The port is focusing on emission reduction and digitalization, aiming to improve infrastructure for better connectivity with Zhoushan Port [1] - Collaboration will also focus on decarbonization efforts in the shipping trade sector [1] Group 3: Economic Impact - The partnership with Zhoushan Port is expected to inject more certainty into economic development [2] - HAROPA seeks to leverage global trade advantages to facilitate smoother cargo transport and communication [2] - The goal is to shift e-commerce freight from air to sea transport, thereby increasing throughput and reducing CO2 emissions [1]

Core Insights - The recent State Council meeting approved the "Manufacturing Green Low-Carbon Development Action Plan (2025-2027)", which is expected to boost nuclear energy, environmental protection, and photovoltaic sectors [1] - Trump's announcement of a new nuclear policy aims to initiate the construction of 10 large nuclear power plants by 2030 and quadruple the U.S. nuclear power capacity by 2050, leading to a surge in nuclear-related stocks [1] - Bank of America organized a field trip to leading nuclear fusion research centers in France, including the CEA and ITER, to provide investors with insights into the latest developments in nuclear fusion technology [1][4] Nuclear Fusion Research - Nuclear fusion is considered a key to decarbonization and is viewed as the "holy grail" of energy transition, offering a safe and sustainable path for clean energy [2] - The ITER project, with a budget of $22 billion, aims to demonstrate the feasibility of large-scale nuclear fusion power generation and is a multinational collaboration involving several countries [3][7] - The CEA's WEST tokamak recently set a world record by maintaining nuclear fusion plasma at 50 million degrees Celsius for 22 minutes, contributing to the testing of components needed for ITER [3][20] Technical Challenges and Innovations - Achieving nuclear fusion requires creating plasma at temperatures ten times hotter than the sun, which presents significant engineering challenges, particularly in material science [2][11] - The ITER project aims for a 10:1 energy gain ratio, which will be achieved by scaling up the machine size compared to existing reactors [12] - Key challenges include developing materials that can withstand extreme temperatures and neutron damage, effective heat management, and ensuring the self-recycling of tritium fuel [13] Economic and Geopolitical Aspects - The ITER project involves seven participating countries, sharing costs and intellectual property, highlighting the importance of international cooperation despite geopolitical tensions [8] - The potential for nuclear fusion to provide zero-carbon energy and serve as a heat source for industrial processes could significantly enhance energy security [6] Future Prospects - The timeline for ITER's full operation has been pushed to 2039 due to technical and regulatory delays, but the project is expected to create commercial potential for various technologies [16] - The construction of superconducting magnets for ITER is underway, with the capability to generate a magnetic field strong enough to lift an aircraft carrier [14] - The operational power demand for ITER during peak plasma operation is projected to be between 110 MW and 620 MW, with significant energy consumption for cooling and low-temperature systems [15]

霍尼韦尔（中国）有限公司可持续发展研究院低碳中心 出品 航空业脱碳 霍尼韦尔观点 可持续航空燃料（SAF）和氢燃料的对比分析 每年，航空业产生的碳排放约占全球碳排放总量（大约 10 亿吨二氧化碳当量） 的 3%1 。为减少温室气体排放，政策制定者、政府、行业组织和监管机构积极 制定规则和奖惩措施，以期通过政策"组合拳"推动行业进一步脱碳，其中大 多数都将 2050 年设为实现碳排放强度（C.I.）大幅度降低的目标时间点。 航空业减少温室气体排放和降低运营总碳排放强度主要有三条途径：可持续航 空燃料（SAF）、氢气和电气化。本文主要就 SAF 和氢气作商用航空的两种主 要燃料来源进行分析。 在过去几十年中，霍尼韦尔已经助力将可持续航空燃料变为现实。2009 年，霍 尼韦尔领导审批委员会 2 提交了将 HEFA-SPK（加氢处理的酯和脂肪酸—合成链 烷烃煤油）作为航空涡轮燃料列入美国试验和材料协会（ASTM）标准《ASTM D7566 附件 2 》的申请，并于 2011 年 7 月获批。随后，霍尼韦尔与美国国 防部合作，就美国海军和空军使用 SAF 给予了证明。2012 年，AltAir Fuels 燃 料公司安 ...

行业 铝日报 日期 2025 年 5 月 21 日 有色金属研究团队 一、行情回顾与操作建议 图1：机构净持仓 图2：机构多空比 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 ＃summary＃ 每日报告 数据来源：Wind，建信期货研究发展部 数据来源：Wind，建信期货研究发展部 铝观点： 20日沪铝延续跌势向2万关口迈进，主力 2507最低至 20005，尾盘收于20075， 下跌 0.45%，指数总持仓减少 5569 至 515961 手。现货上，华东与巩义市场成交 一般，但华东到货减少给予当地现货升水支撑，但高铝价下下游按需采购，上涨 动力稍显不足，华东升 70，中原平水，华南贴水-35，现货进口亏损收窄至-1100 元/吨左右。氧 ...

Safe Bulkers (SB) Q1 2025 Earnings Call May 20, 2025 10:00 AM ET Speaker0 Thank you for standing by, ladies and gentlemen, and welcome to the Safe Bulkers Conference Call on the First Quarter twenty twenty five Financial Results. We have with us Mr. Paulis Hagianu, Chairman and Chief Executive Officer Doctor. Lucas Barampas, President and Mr. Konstantinos Adamopoulos, Chief Financial Officer of the company. At this time, all participants are in a listen only mode. There will be a presentation followed by a ...