美国当地时间12月10日下午，美联储如期将利率下调25个基点。然而，在本次议息会议中，反对降息的官员人数增至两人，进一步提升了降息 的门槛。此外，鲍威尔的发言态度不够坚决，加之美联储宣布启动短期债券购买计划以缓解市场担忧，导致此前市场预期的鹰派立场发生逆 转。受此影响，银价飙升至63美元。 降息叠加关税 资金涌入白银 今年以来，美联储已完成三次降息，自2024年9月至今累计降息六次。2025年年初，美国总统特朗普宣布加征关税，将白银列入关键矿物，导致 众多贸易商从年初开始大幅从海外进口白银至美国。白银隐含租赁利率持续维持在6%左右，并在10月一度飙升超过35%，远超融资成本。较高 的租赁利率表明现货市场出借意愿极低，库存紧张局面加剧。 在黄金价格连续两年大涨后，市场资金对投资黄金趋于谨慎，转而流入价格较低的白银，白银的投资属性进一步凸显。全球白银ETF持仓在10月 以来显著增长，机构与私人投资者通过ETF及海外投行渠道囤积现货，成为近期推升银价的关键动力。 百利好特约投资策略师麦东认为，展望后市，在经济与就业面临下行压力的环境下，市场预计美联储在2026年仍会继续降息；若通胀出现温和 回升，降息节奏可能放缓。 ...

Core Viewpoint - Longyuan Power has signed a cooperation framework agreement with the People's Government of Tieli City, Heilongjiang Province, to develop a 3.53 million kilowatt renewable energy generation project, including a 3 million kilowatt pumped storage project [2] Company Overview - Longyuan Power Group Co., Ltd. is primarily engaged in wind and photovoltaic power generation, with its main products being electricity and heat [2][3] - The company has been actively involved in the national carbon market since its launch in 2021, facilitating diverse development in carbon trading [2] Financial Performance - As of September 30, Longyuan Power reported a revenue of 22.22 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.39 billion yuan, down 19.76% year-on-year [8] - The company has distributed a total of 5.978 billion yuan in dividends since its A-share listing, with 4.746 billion yuan distributed over the past three years [9] Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 16.42% to 34,200, with an average of 0 circulating shares per person [8] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some shareholders reducing their holdings [9]

Core Insights - Gansu Province has conducted a comprehensive survey of wind and solar energy resources, revealing significant increases in both theoretical and technical development capacities for these renewable energy sources [1][3][4] Group 1: Wind Energy Resources - The theoretical capacity for wind energy development in Gansu is now estimated at 1.074 billion kilowatts, an increase of 514 million kilowatts from previous assessments, with a technical capacity of 470 million kilowatts [1][3] - The survey has produced a high-resolution wind energy resource map and a database of development capacities, with a spatial resolution of 1 kilometer and a temporal resolution of 1 hour [3] Group 2: Solar Energy Resources - The theoretical capacity for solar energy development in Gansu is now estimated at 11.257 billion kilowatts, an increase of 1.757 billion kilowatts from previous assessments, with a technical capacity of 1.386 billion kilowatts [1][3] - The survey results will support scientific decision-making and efficient resource allocation in the development of new energy projects [4] Group 3: Strategic Importance - Gansu is recognized as a key modern energy production, storage, and export base in China, playing a crucial role in ensuring energy security for the central and eastern regions of the country [3] - The findings from the resource survey are expected to facilitate the large-scale, high-quality development of wind and solar power, contributing to China's carbon neutrality goals [3][4]

Core Insights - The report highlights the evolving landscape of ESG development globally, characterized by standardization, enhanced regulation, and value integration [1] - Ernst & Young (EY) has been actively supporting Chinese enterprises in their international expansion, executing over 100,000 overseas service projects in the past three years [1] Group 1: ESG Development and Regulatory Framework - The ESG regulatory framework in China is continuously improving, with the China Securities Regulatory Commission guiding major stock exchanges to release sustainability reporting guidelines [1] - The Ministry of Finance and other departments have jointly issued the "Basic Standards for Corporate Sustainability Disclosure (Trial)" to enhance the ESG information disclosure system [1] Group 2: EY's Commitment and Achievements - EY Greater China has published its ESG report for five consecutive years, reflecting its commitment to the national "dual carbon" goals and high-quality development strategy [1] - The company aims to deepen its ESG practices and collaborate with employees, partners, and society to promote harmony between humanity and nature [1] Group 3: Social Impact and Carbon Neutrality - EY's social impact initiatives include the "EY Entrepreneur Of The Year" award and the EY Ripples global philanthropy program, which has reached over 11.5 million people since its launch in 2019 [2] - In the fiscal year 2025, EY Greater China achieved carbon neutrality in its operations through the purchase of international voluntary carbon standard projects and green power certificates [2]

12月12日，碳中和ETF（159790）翻红上涨0.13%，持仓股特变电工涨超6%，德业股份涨超3%， 阿特斯涨超2%。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 碳中和ETF（159790）是全市场规模最大的碳中和主题ETF基金。跟踪中证内地低碳经济主题指 数，聚焦电池、电力、光伏设备等低碳主题公司，受益于国家"3060"碳达峰、碳中和，相关新能源、节 能环保公司，业绩增长空间广阔。指数覆盖社会经济各领域与减碳相关的行业及企业，便于投资者精准 全面把握市场热点。 每日经济新闻 消息面，中央经济工作会议12月10日至12月11日在北京举行。会议指出，坚持"双碳"引领，推动全 面绿色转型。深入推进重点行业节能降碳改造。制定能源强国建设规划纲要，加快新型能源体系建设， 扩大绿电应用。加强全国碳排放权交易市场建设。实施固体废物综合治理行动，深入打好蓝天、碧水、 净土保卫战，强化新 ...

Core Viewpoint - Beijing Yihuatong Technology Co., Ltd. has established a wholly-owned subsidiary, Beijing Yihuatong Energy Storage Technology Co., Ltd., with a registered capital of 30 million RMB, marking its entry into the trillion-level energy storage market, which signifies a key step in the integration of hydrogen energy and energy storage [3][4]. Group 1: Company Developments - The establishment of the energy storage subsidiary is a strategic extension of Yihuatong's business, reflecting its commitment to technological innovation and a vertically integrated system covering fuel cells, electrolysis equipment, and hydrogen production [4][6]. - Yihuatong has accumulated practical experience through major projects in regions like Hebei, Guangxi, and Xinjiang, which will support the new company's operations [5][6]. Group 2: Market and Policy Context - The Chinese government has officially included hydrogen energy in its energy system, providing legal support for hydrogen storage applications, which aligns with the national goals of carbon neutrality [6][7]. - The hydrogen storage market in China is projected to exceed 500 billion RMB by 2030 and potentially reach a trillion-level market by 2035, indicating significant growth opportunities in this sector [6][7]. Group 3: Industry Implications - The establishment of the energy storage technology company positions Yihuatong as a leader in the integration of hydrogen energy and energy storage, setting a benchmark for the industry [7]. - The fusion of hydrogen and energy storage technologies is expected to contribute to achieving national carbon peak and carbon neutrality goals, highlighting the strategic importance of this sector [7].

Core Viewpoint - New Guangyi (301687.SZ) is set to go public on the ChiNext board with an initial public offering (IPO) of 36.716 million shares, accounting for 25% of the total share capital post-issue, aiming to leverage its technological strengths and strategic positioning in the capital market [2] Group 1: Company Overview - Established in 2004, New Guangyi focuses on the research, production, and sales of high-performance special functional materials, adhering to a technology development route of "independent innovation and import substitution" [3] - The company has successfully broken the technological monopoly of foreign firms in key product areas, establishing itself as a leader in the industry [3] Group 2: Product Highlights - New Guangyi's core product, the anti-overflow special film, is crucial in the production of flexible circuit boards and has achieved a market-leading position in China, overcoming significant supply issues previously faced by domestic clients [3][4] - The company’s anti-overflow special film exhibits superior performance compared to foreign competitors, including higher tensile strength and lower thermal expansion rates, making it more reliable in high-temperature environments [4] Group 3: Innovation and Development - New Guangyi is actively exploring new business areas such as acoustics, optics, and new energy, seeking opportunities for self-innovation and technological breakthroughs [5] - The company has developed a high-precision acoustic film that surpasses foreign counterparts in key technical indicators, successfully entering the high-end headphone market through partnerships with major clients [6] Group 4: Financial Performance - From 2022 to June 2025, New Guangyi's main business revenue showed steady growth, with figures of 455 million yuan, 516 million yuan, 657 million yuan, and 313 million yuan, while net profits were 81.51 million yuan, 83.28 million yuan, 115.70 million yuan, and 59.21 million yuan respectively [7] - The company forecasts a revenue of 704 million yuan in 2025, representing a 7.10% increase from 2024, and a net profit of 127.27 million yuan, reflecting a 10% growth [7] Group 5: Future Strategy - New Guangyi has outlined a clear development strategy aimed at becoming a world-class innovative materials enterprise, focusing on polymer modification, adhesive formulation, and film manufacturing [8] - The company plans to leverage its core competencies in niche markets to expand its market share and enhance product value while also investing in new energy materials to align with global carbon neutrality trends [8]

上海市虹口区副区长陈帅 绿色金融60人论坛（GF60）秘书长、上海金司南金融研究院理事长廖双辉发表开场致辞。他首先代表 GF60对与会来宾表示热烈欢迎。他指出，GF60始终围绕推动行业标准建设、促进国际深度交流、助力 产业地方落地三大核心方向开展工作，立足虹口服务全国市场，助力企业出海高质量发展，坚定以"智 库+基金"为抓手，实务支持地方产业转型与可持续发展。他表示，本次论坛旨在凝聚智库智慧、资本 力量与产业实践，推动绿色投资落地见效，为转型提供坚实支撑。期待通过本次论坛碰撞出更多"能落 地、能推广"的模式，为上海国际绿色金融枢纽添砖加瓦，为全球可持续发展注入中国动能。 论坛吸引了来自政府部门、国际组织、金融机构及产业界的200余位嘉宾与观众齐聚北外滩，以"可持续 发展与金融协同"为核心，共话绿色金融的全球趋势与中国实践，共探产业的转型与创新机遇。活动现 场发布了《中小银行可持续信息披露》课题成果，并成功举行昆山绿色金融科技实验室揭牌仪式、盛泽 环境权益交易市场与绿色金融协同创新平台签约仪式等重要环节，凝聚多方智慧，搭建协作平台，切实 推动绿色金融从理念落地为实践，助力国家"双碳"目标实现。 上海市虹口区副区 ...

路演嘉宾合影 ——江苏锡华新能源科技股份有限公司首次公开发行股票并在主板上市网上投资者交流会精彩回放 出席嘉宾 江苏锡华新能源科技股份有限公司董事长、总经理 王荣正先生 江苏锡华新能源科技股份有限公司董事会秘书、财务总监 万 里先生 感谢各位在百忙之中莅临江苏锡华新能源科技股份有限公司首次公开发行股票并在上海证券交易所主板 上市的网上投资者交流会。在此，我谨代表锡华科技全体同仁，向长期关心、支持公司发展的各位投资 者、各界朋友致以最诚挚的欢迎和最衷心的感谢！ 锡华科技自2001年成立以来，始终深耕大型高端装备专用部件的研发、制造与销售领域，专注于风电装 备与注塑机领域核心部件的创新突破。经过多年深耕细作，公司已成长为国内少数可提供风电齿轮箱专 用部件全工序服务的龙头企业，先后获评国家级专精特新"小巨人"企业、国家高新技术企业及江苏省认 定企业技术中心，技术实力获得权威认可。 在新能源产业蓬勃发展的浪潮中，我们紧跟风机大型化的行业趋势，不断升级风电齿轮箱专用部件的制 造技术，产品研发进度始终与市场大功率风电齿轮箱开发保持同步。目前，所覆盖的1—22MW风电机 组功率范围，在行业内处于领先地位，是风电行业发展新质 ...

二是议题精细化。参考国际、国内最新可持续发展准则编制，紧跟最新监管政策要求，精准细化ESG议题，共有48 个议题237个指标，体现ESG标准应用的先进性。 三是全面智能化。AI全流程参与报告编制，从ESG填报管理系统收集信息进行智能分析，到AI生成图片和视频，并 增设AI创新赋能板块，全面展现了安永将AI技术融入专业服务和产业赋能的领先理念和实践。 安永中国主席、大中华区首席执行官陈凯表示，"安永大中华区已连续五年发布ESG报告，这不仅体现了安永积极响 应国家'双碳'目标和高质量发展战略的实践与探索，更是大家理念共鸣、共同进步的坚实见证。在全球可持续发展愿景和 中国高质量发展交织并行中，安永始终以'All in'的热忱贡献着专业力量，深化ESG实践，携手员工、合作伙伴及社会各 界，共赴人与自然和谐共生的美好明天。" 在发布会现场，安永大中华区ESG可持续发展主管合伙人李菁携手安永智能问答ESG.AI，共同解读《报告》亮点。 《报告》有三大创新点： 一是运营碳中和。2025财年，安永大中华区通过购买国际自愿碳标准项目（VCS）和绿色电力证书，首次实现绿色 运营碳中和。 12月11日，安永在北京、上海、香港三地共 ...