Carbon Neutrality Policy - The National Development and Reform Commission and the National Energy Administration released the "Basic Rules for Metering and Settlement in the Electricity Market" on August 6, which includes 56 articles covering metering management, settlement management, and supervision management [1] - The rules aim to unify metering and settlement processes, enhance risk management, and standardize electricity payment processes between power generation and grid companies, as well as between users and grid companies [1][2] Energy Storage Standards - The first mandatory national standard for energy storage, GB 44240-2024, took effect on August 1, focusing on safety requirements for lithium batteries used in energy storage systems [3] - This standard introduces stricter testing requirements and aims to phase out substandard production, shifting the industry focus from cost to safety [3][4] Circular Economy Initiatives - The COP30 conference will include circular economy topics for the first time, scheduled for November 2025 in Brazil, highlighting its importance in climate change discussions [4] - The inclusion of circular economy in the agenda is expected to enhance global cooperation and resource efficiency [4][5] Local Dynamics - The Shanxi steel industry is undergoing a low-carbon transformation, requiring approximately 148.3 billion yuan in funding over the next decade to support advanced technologies and processes [5] - The transition is driven by the need for financial support and the urgency of moving towards green and low-carbon practices in resource-dependent industries [5][6] Corporate Practices - Fuyou Truck launched its first "Hydrogen-Powered Zero Carbon New Line" on August 6, marking a significant step in promoting green logistics [6] - The new line, approximately 450 kilometers long, is part of Fuyou Truck's strategy to integrate smart and green logistics, aiming to set a benchmark for zero carbon emissions in freight transport [6][7]

Core Insights - The company, 万物新生 (RERE), experienced a stock price increase of 2.22%, reaching $3.68 per share with a total market capitalization of $809 million as of August 11 [1] - Financial data indicates that for the fiscal year ending March 31, 2025, the company reported total revenue of 4.653 billion RMB, reflecting a year-on-year growth of 27.45%, and a net profit attributable to shareholders of 42.8 million RMB, which is a significant increase of 146.09% [1] - The company is set to release its fiscal year 2025 mid-term report on August 20, prior to the market opening in the Eastern Time Zone [1] Company Overview - 万物新生 is a Cayman Islands-registered holding company primarily operating through its domestic subsidiary, 上海万物新生环保科技集团有限公司 [1] - Established in 2011, the company positions itself as a "Internet + Environmental Protection" circular economy enterprise [1] - The company operates four main business lines: 爱回收, 拍机堂, 拍拍, and overseas business AHS Device, with a mission to maximize the utility of idle resources and integrate social responsibility into its business practices [1]

Core Viewpoint - The implementation of the "reverse invoicing" policy has significantly facilitated the resource recovery industry, addressing long-standing issues and promoting the recycling economy [1][5][9]. Group 1: Policy Impact - As of June 30, 2023, 13,300 resource recovery enterprises issued reverse invoices to 1.67 million individuals, with a total invoicing amount of 515.2 billion yuan and 5.11 million invoices issued [1]. - The "reverse invoicing" policy has effectively resolved the "source invoice shortage" issue, allowing resource recovery companies to operate more smoothly and efficiently [3][4]. - The policy has encouraged more enterprises and individuals to participate in the recycling of waste materials, supporting the implementation of the "two new" policies [5]. Group 2: Industry Benefits - Companies like Wuhu Chery Resource Technology Co., Ltd. have reported a significant reduction in financial costs due to the ability to issue invoices directly to individuals, with an expected increase in dismantled vehicles exceeding 100% this year [4]. - The policy has led to a 58% increase in the sales of recycled materials for companies like Ningbo Supply and Marketing Recycled Resources Technology Co., Ltd. [8]. - The implementation of the policy has resulted in a 65% year-on-year increase in the domestic scrap vehicle recovery volume, with over 2.76 million vehicles recovered in the first four months of this year [9]. Group 3: Compliance and Awareness - The awareness of compliance within the resource recovery industry has improved, with companies now able to directly purchase waste from individuals, reducing reliance on intermediaries and associated risks [6]. - The policy has prompted over 150 individuals in Miluo City to register as individual businesses, facilitating easier tax declaration processes [7].

Group 1: Policy Implementation and Impact - The "reverse invoicing" policy has effectively addressed the long-standing issue of "missing source invoices" in the resource recovery industry, facilitating smoother transactions for resource recovery companies [2][3] - As of June 30, 2023, 13,300 resource recovery enterprises issued reverse invoices amounting to 515.2 billion yuan, with 5.11 million invoices issued [1] - The policy has significantly reduced financial costs for companies, allowing them to directly issue invoices to individual sellers, thus enhancing operational efficiency [2] Group 2: Economic Benefits and Growth - The implementation of the "reverse invoicing" policy has led to a notable increase in the volume of waste vehicle dismantling, with one company expecting a more than 100% increase in dismantled vehicles this year [2] - In Wuhu, the "old-for-new" consumption policy has generated transactions of 1.0495 million units, driving approximately 5.7 billion yuan in consumption [3] - The policy has encouraged more individuals and enterprises to participate in waste recovery, thus supporting the "two new" policy effectively [3] Group 3: Compliance and Industry Awareness - The awareness of compliance in the resource recovery industry has gradually increased since the implementation of the "reverse invoicing" policy, allowing companies to operate more legally and efficiently [4] - Companies can now directly purchase waste materials from individuals, reducing reliance on intermediaries and associated risks [4] Group 4: Circular Economy Promotion - The "reverse invoicing" policy has facilitated the smooth operation of the waste recovery chain, enhancing the resource utilization rate of construction waste and reducing carbon emissions [7][8] - The policy has led to a significant increase in the sales of recycled materials, with one company reporting a 58% year-on-year growth in sales [8] - The overall recovery system in China is becoming more robust, with a 65% year-on-year increase in the recovery of scrapped vehicles in the first four months of this year [9]

碳中和周报关注"双碳"领域的最新前沿动态，包括碳中和政策、地方动态、企业实践等。我们将通过精选每周碳中和领域的重 大事件，并进行点评的方式，提供一个及时全面的碳中和信息平台。 21碳中和课题组快评：在全球气候压力下，循环经济能高效利用资源、减少排放。COP30将循环经济纳入主题日，有助于提升 其全球关注度，推动各国在这一关键领域深化合作，为气候治理注入新活力。二、地方动态 8月6日，国家发展改革委、国家能源局发布《电力市场计量结算基本规则》(以下简称《规则》)。《规则》共6章56条，包含总 则、总体要求、计量管理、结算管理、监督管理、附则。其中提出了结算准备、结算依据编制与发布、电费结算、追退补和清 算等相关要求。 国家能源局有关负责人表示，《规则》在推动电力市场计量结算业务统一方面明确了要加强计量业务管理、规范结算业务管 理、强化结算风险管理、统一电费收付要求四方面重点内容。在统一电费收付要求方面，结合电力市场建设运行实际，规范了 发电企业与电网企业电费收付流程要求，并首次在基本规则层面明确用户侧与电网企业电费收付流程要求，规范了增值税发票 开具、电费结算协议签订、承兑汇票使用等管理内容。 21碳中和课题组 ...

Group 1 - The "reverse invoicing" policy has been implemented to support the recycling industry, allowing resource recovery companies to issue invoices to individuals selling scrap products, effectively addressing the long-standing issue of "missing source invoices" in the industry [1][2] - As of June 30, 2023, 13,300 resource recovery companies issued invoices amounting to 515.2 billion yuan, with 5.11 million invoices issued, demonstrating the policy's positive impact on the circular economy [1] - The policy encourages more enterprises and individuals to participate in waste recycling, supporting the implementation of the "Two New" policies and promoting the development of the circular economy [2][3] Group 2 - A scrap vehicle recycling company reported a significant increase in its operations, with an expected processing volume of 20,000 vehicles this year, representing over 100% growth, attributed to the "reverse invoicing" policy [2] - The policy has led to a 58% year-on-year increase in the sales of recycled construction waste materials, enhancing the resource utilization rate and fostering collaboration across the supply chain [3] - In the first four months of the year, the domestic scrap vehicle recovery volume reached 2.767 million units, a 65% year-on-year increase, while the recovery of discarded household appliances and electronic products also saw significant growth [4]

Core Viewpoint - The implementation of the "reverse invoicing" policy in the resource recovery industry has significantly facilitated the acquisition of invoices for scrapped products, promoting the development of the circular economy and enhancing industry order [1] Group 1: Policy Impact - As of June 30, 2023, 13,300 resource recovery enterprises issued reverse invoices to 1.67 million individuals, with a total invoicing amount of 515.2 billion yuan and 5.11 million invoices issued [1] - The "reverse invoicing" policy, effective from April 29, 2024, aims to support large-scale equipment updates and the replacement of consumer goods, enhancing convenience for resource recovery companies [1] Group 2: Industry Growth - The resource recovery system in China is becoming increasingly robust, driving the recycling, dismantling, and reuse industry chain [1] - In the first four months of 2023, the domestic scrap vehicle recovery volume reached 2.767 million units, a year-on-year increase of 65% [1] - The number of standardized dismantled old household appliances exceeded 7 million units, growing by 25% [1] - The recovery volume of discarded electrical and electronic products led the industry with a year-on-year growth rate of 70% [1]

Group 1 - The third "Vibrant ESG" Innovation Forum is set to open on August 16, 2025, in Shanghai, focusing on ESG practices and trends in the industry [6] - The China Securities Association has released the 2025 cash dividend ranking for listed companies, with a total cash dividend of 2.4 trillion yuan for 2024, marking a 9% increase from 2023 [7] - The Ministry of Finance has allocated 1.015 billion yuan for agricultural disaster relief and water conservancy disaster funds to support affected areas in response to floods and droughts [8] Group 2 - Beijing insurance institutions have received over 5,000 claims related to severe rainstorms, with estimated losses of approximately 154.65 million yuan [9][10] - Research indicates that agricultural practices can achieve a 15% reduction in methane emissions without compromising production, emphasizing the importance of technological innovation [11] - Ingka Group has made its first circular economy investment in China, focusing on high-quality recycling of plastic waste through a partnership with Shanghai Ruimo Environmental New Materials Co., Ltd [12]

Group 1 - The third "Vibrant ESG" Innovation Forum will be held on August 16, 2025, in Shanghai, focusing on ESG practices and trends [4] - The forum will feature policy participants, leading enterprises, and experts discussing digital transformation in traditional energy and green transitions in supply chains [4] Group 2 - The China Listed Companies Association announced the 2025 cash dividend ranking, with total cash dividends reaching 2.4 trillion yuan in 2024, a 9% increase from 2023 [5] - The top five companies by cash dividend total are Industrial and Commercial Bank of China, China Construction Bank, China National Petroleum Corporation, Agricultural Bank of China, and Bank of China [5] Group 3 - The Ministry of Finance allocated 1.015 billion yuan for agricultural disaster relief and water conservancy, supporting areas affected by floods and droughts [6] - The funding will assist in crop replanting, agricultural facility repairs, and drought relief measures in various provinces [6] Group 4 - Insurance institutions in Beijing have received over 5,000 claims related to severe rainstorms, with estimated losses of approximately 154.65 million yuan [7][8] - The majority of claims are from vehicle insurance, followed by agricultural insurance and property insurance [8] Group 5 - Research from the Chinese Academy of Agricultural Sciences indicates that technology innovation is crucial for achieving a 15% reduction in methane emissions from agriculture while maintaining high production [9] - The focus is on developing low-cost, easily implementable technologies that align with regional climate and soil conditions [9] Group 6 - Ingka Group has made its first circular economy investment in China by investing in Shanghai Ruimo Environmental New Materials Co., which focuses on high-quality recycling of plastic waste [10] - The investment aims to enhance the impact on the local recycling market and contribute to solving global plastic waste issues [10] Group 7 - Honor's ESG goals emphasize reducing barriers for elderly users in AI technology applications, aligning with its Alpha strategy [11] - The company is developing user-friendly AI features, such as "one-click" applications, to facilitate access for older adults [11]

Core Viewpoint - The implementation of the "reverse invoicing" policy for resource recovery enterprises has shown significant results in promoting the development of the resource recovery industry and reducing the burden on companies [3][4]. Group 1: Policy Implementation and Impact - As of June 30, 2023, 13,300 resource recovery enterprises issued reverse invoices to 1.67 million individuals, with a total invoicing amount of 515.2 billion yuan and 5.11 million invoices issued [3][4]. - The "reverse invoicing" policy allows qualified resource recovery enterprises to issue invoices to individuals selling scrapped products, addressing the previous challenges of obtaining the first invoice and increasing tax burdens [4][5]. - The policy has improved operational efficiency for companies, as evidenced by the experience of Wuhu Chery Resource Technology Co., which reported a significant reduction in financial costs due to the new invoicing process [4][5]. Group 2: Industry Benefits and Growth - The policy has effectively resolved the long-standing issue of resource recovery enterprises lacking the "first invoice," which hindered their ability to deduct value-added tax and obtain corporate income tax deductions [5]. - Wuhu Chery Resource Technology Co. has issued reverse invoices to over 4,000 individuals, amounting to nearly 8 million yuan, with an expected increase in scrapped vehicle processing volume exceeding 100% this year [5]. - The promotion of the "reverse invoicing" policy encourages more enterprises and individuals to participate in the recycling of waste materials, supporting the implementation of the "two new" policies [5].