在技术创新与产业升级上，青海同样走在前列。全国首个100%清洁能源可溯源绿色大数据中心投入运 行，519座新能源电站实现"无人值班、少人值守"，运营成本降低40%以上；全球首个5兆瓦商用级钙钛 矿光伏实证基地投产，IBC电池转化效率达25%，达到国际领先水平。锂电产业集群连续两年跻身全国 百强，碳酸锂产量13.4万吨，占全国的19%，锂离子蓄电池出口同比增长77.5倍，增速全国第一。 2014年至今，塔拉滩光伏园区累计铺设光伏板超700万块，装机容量持续攀升，更创新推出"板上发电、 板下牧业"的立体模式。光伏板有效降低50%风速，为植被恢复创造了条件，使园区植被覆盖率从10% 跃升至80%。如今的塔拉滩，光伏组件在阳光下熠熠生辉，板下优质牧草随风摇曳，成群牛羊悠然觅 食，形成了"发电+生态+养殖"的共赢格局。扎西算了一笔账："现在草场好了，我家牛羊存栏量翻番， 加上光伏企业的务工收入，一年能多挣3万多元。" 这片土地的蝶变，正是青海清洁能源发展的生动缩影。截至2025年10月底，全省清洁能源装机规模超 7300万千瓦，占比93.1%，高于全国水平34个百分点，清洁能源发电量占比90.6%，两项指标除西藏外 居 ...

果芒村林麝合作社在电力的助推下运行得井井有条。 通讯员 格琼洋 摄 本报记者 芈峤 12月23日，青海省果洛藏族自治州班玛县，寒风吹过亚尔堂乡的山谷，却吹不散果芒村村口"圣地扎西果芒商 店"里的暖意…… 店主是40多岁的曲美，土生土长的果芒村人。见到穿着红马甲的电力员工到来，他搓了搓手，目光扫过屋顶 明亮的灯泡、正在运转的电取暖器，最后落在门口的冰柜上，眼里满是笑意。 "你还记得咱们村通电多久了吗？" 当记者问出这一问题，曲美不假思索地说："10年了，我记得非常清楚！" "林麝养殖需要24小时监控、随时了解温度，并且得有高效的饲料加工设备，以前没有稳定的电，想都不敢 想。"霍瓦什青多杰说。 班玛县电力运维人员格琼洋接过话茬："这几年我们果洛州电网越建越好，110千伏供电通到了县上，村里的 配电网也改造过，电压稳得很。我们还给林麝合作社提供了专线，所有用电设备都能全天候运转。" 本在小店门外等候霍瓦什青多杰的合作社负责人谢发成听到大家的对话走了进来。笑着给大家介绍道，目前 养殖基地有50只麝，这些麝平均一年取一次麝香。麝香可是"软黄金"，不仅村民能去基地打工挣钱，村集体 还有收入，部分入股村民还能分红。 曲美接 ...

近年来，中国农产品消费结构持续调整升级，对肉类尤其是高品质肉制品的需求快速增长。农业产业数 据服务平台BEEDATA数据显示，2015年至2024年，中国猪肉进出口贸易逆差规模几乎增长3倍，年复合 增长率约为12.63%。与此同时，随着居民消费水平提升，中国市场对高端肉制品的需求仍在持续释 放。 作为欧洲重要的农业大国，西班牙的葡萄酒、橄榄油以及猪肉制品等优质农产品，近年来在中国市场受 到广泛欢迎。在中国与西班牙的双边贸易结构中，农产品已成为双方不可忽视的"合作之锚"。 有关数据显示，中国是西班牙农食产品出口额排名第九的市场，也是继英国和美国之后的第三大非欧盟 出口目的地，农产品合作在双边经贸关系中的地位日益凸显。 2025年11月13日，中华人民共和国商务部举行例行新闻发布会。商务部新闻发言人何亚东表示，在中西 两国迎来建立全面战略伙伴关系20周年之际，费利佩六世对中国进行国事访问，对推动两国友好合作持 续深化具有重要意义。 何亚东表示，下一步，中方愿与西方一道，以两国元首重要共识为指引，进一步推进经贸领域务实合 作，不断推动中西合作走深走实。 在这一背景下，中西农产品贸易被普遍认为将进入新一轮加速期。 在 ...

文|索米妮・森古普塔 开普敦牙医伊斯梅特・布利几年前遭遇了一桩棘手事：患者如约前来就诊，诊所却频频停电。 中国光伏板价格如今亲民至极，企业与家庭争相抢购，大幅削减电费支出，也对公用电力企业形成冲 击。 开普敦郊区上演的这一幕，正复刻于工厂、商场、牙科诊所、金矿及各类商户之中。 一停电，拍不了牙片、做不了补牙、开展不了根管治疗。"我根本没法接诊。" 布利医生说。 如今，布利医生这样的南非民众，终于找到了应对停电的良方 —— 这一难题已困扰发展中国家多年。 得益于中国产光伏板和蓄电池价格骤降，他们开始用上了太阳能供电。 这早已不是早年乡村地区只能点亮一盏灯、带动一台电视的小型老式太阳能灯。如今，光伏储能系统走 进了各行各业：汽车制造厂、酒庄、金矿、大型商场，全方位改变着南非这个非洲最大经济体的日常生 活、商贸与工业发展。 这场变革的速度令人惊叹：2019 年时，太阳能发电在南非几乎为零，如今其装机容量已占到全国发电 总装机的约 10%。 能源变局：中国发力主导清洁能源赛道 全球未来能源之争正酣，中国一骑绝尘。 中国向世界输出清洁能源，美国则主推油气资源，两国的举措均源于国家安全考量。 南非民众不再完全依赖百年来支 ...

Core Viewpoint - The article emphasizes the growth potential of Funiu Co., Ltd. in the renewable energy sector, highlighting its strategic positioning in both traditional and green energy sources, and its robust financial performance. Group 1: Company Overview - Funiu Co., Ltd. is primarily engaged in clean energy generation and efficient cogeneration, focusing on the Fujian province, with a total installed capacity of 6.1252 million kilowatts as of mid-2025, including 1.809 million kilowatts of wind power and 1.56 million kilowatts of natural gas generation [4][5]. - The company has a clean energy installed capacity ratio of 56.55% [5]. Group 2: Financial Performance - In the first three quarters of 2025, Funiu Co., Ltd. achieved a net profit of 1.989 billion yuan, a year-on-year increase of 12.17%, despite a 4.29% decline in revenue to 10.035 billion yuan [10]. - The gross profit margin for 2024 is projected to be 26.6%, an increase of 2.7 percentage points year-on-year, while the gross profit margin for the first three quarters of 2025 reached 26.04%, up 4.05 percentage points from the previous year [10]. Group 3: Wind Power Business - The wind power segment, although not the largest in installed capacity, is a major profit contributor, with a projected gross margin of 64.1% in 2024, significantly higher than other energy sources [7]. - Funiu Co., Ltd. holds a 22.5% share of the total wind power capacity in Fujian province, positioning it as a leader in the local market [7]. Group 4: Project Pipeline and Future Growth - The company has a robust project pipeline, with plans to expand its installed capacity to 15 million kilowatts by the end of 2025, representing a 145% increase from current levels, and aims to reach 20 million kilowatts by 2030 [18][19]. - Key projects include a combined heat and power project with a total capacity of 2.64 million kilowatts and offshore wind projects totaling 656,000 kilowatts, with expected completion dates in 2025 and 2026 [15]. Group 5: Dividend Policy - Funiu Co., Ltd. has maintained a dividend payout ratio of 30% historically, with a planned mid-term dividend distribution of 203 million yuan in 2025, marking the first occurrence of such a distribution in the company's history [23].

Core Viewpoint - The article highlights the journey of Li Zhenguo and Longi Green Energy, emphasizing their commitment to single crystal silicon technology and the vision of making photovoltaic energy the most economical source of energy [3][4]. Group 1: Company Background and Achievements - Longi Green Energy, founded by Li Zhenguo, has become a leader in the photovoltaic industry, receiving accolades such as the "Lifetime Achievement Award" and the "Corporate Impact Award" at the Platts Global Energy Awards in 2025 [2][3]. - The company has transitioned from relying on foreign technology to achieving self-sufficiency in the entire supply chain, marking a significant evolution in China's photovoltaic industry [3][4]. Group 2: Technological Focus and Strategy - Li Zhenguo has consistently focused on single crystal silicon technology, believing it to be the future of cost-effective energy generation, despite the initial market preference for multi-crystalline technology [13][14]. - The company has made significant advancements in reducing the costs of single crystal solar cells and modules, achieving a 33% reduction in non-silicon costs by 2015 [15][16]. Group 3: Challenges and Resilience - Longi faced early challenges, including a critical crisis in 2003 when a shipment of silicon materials was rejected, but the company managed to turn this setback into an opportunity due to rising market prices [12]. - The company has navigated through a highly competitive landscape, particularly in recent years, where the photovoltaic industry has faced severe price declines and operational pressures [18]. Group 4: Future Directions and Innovations - In 2023, Longi announced a strategic shift towards BC (Back Contact) battery technology, aiming to differentiate itself in a market plagued by homogenization and competition [18]. - Li Zhenguo's return to a research-focused role within the company underscores the importance of innovation and technology in driving the future of Longi and the photovoltaic industry [19][20].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights the planned acquisition of Datang Tibet Energy Development Co., Ltd. and China Datang Group ZDN Clean Energy Development Co., Ltd., which is expected to initiate a growth phase for the company [7] - The acquisition is valued at 2.025 billion yuan, with the assessed value of the target equity totaling 1.354 billion yuan, indicating a price-to-book ratio of 1.1 times [7] - The company is expected to secure hydropower development rights for the Nu River tributary, solidifying its position in the hydropower sector [7] - The report anticipates significant growth in net profit from 2.793 billion yuan in 2025 to 3.159 billion yuan in 2027, with corresponding price-to-earnings ratios decreasing from 20.20 to 17.87 [7] Financial Summary - Revenue projections for the company are as follows: 8,091 million yuan in 2023, increasing to 9,784 million yuan in 2025, and reaching 11,049 million yuan by 2027, reflecting a growth rate of 6.28% [6] - The expected net profit for 2025 is 2,793 million yuan, with a year-on-year growth rate of 22.33% [6] - The company's return on equity (ROE) is projected to improve from 12.08% in 2024 to 14.64% in 2027 [6] - The earnings per share (EPS) is expected to rise from 0.29 yuan in 2024 to 0.40 yuan in 2027 [6]

作为中国石油在全国首个百万平米级油田特色多热源耦合供暖示范项目，任丘西部新城地热供暖项目综 合运用地热及油田余热资源，形成油田特色多热源耦合清洁供暖模式，总供热面积269万平方米，室内 供热平均温度22度以上，年减排二氧化碳7万吨，折合植树面积约2000公顷。 地热、余热是可再生能源家族中的重要成员，是集热、矿、水于一体的资源是一种无污染或极少污染的 清洁能源。华北油田着眼打造具有石油特色的"地热+余热"清洁供暖模式，将生产井、换热站、油田管 线进行区域整合，综合利用多套地热资源和油田集输余热，实现全程清洁能源供暖。 华北油田位于冀中腹地，区域内地热资源丰富，可满足20亿平米供暖面积。作为中国石油最早开发利用 地热资源的油田，华北油田认真贯彻落实国家"双碳"战略部署，积极利用深层地热资源，探索建立适合 油田余热资源的开发利用的成功模式，在中深层地热资源开发方面形成了"取热不耗水、等量同层回 灌"地热开发技术系列，在京津冀地区建成多个地热综合利用项目，实现能源的高效转化和利用，成功 建成北京市首个中深层地热供暖试点示范项目，在任丘市建成大型多热源耦合清洁供暖社区，在雄安新 区钻探河北省最深地热井，为企地协同绿色 ...

1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core Views of the Report - The Huaxia CNNC Clean Energy REIT project has certain new - share subscription cost - effectiveness. Its underlying asset, the Popona Hydropower Station, is a mature clean - energy infrastructure with stable operation history and good cash - flow sustainability. The short - term and long - term revenue paths are clear, and it is supported by the regional power supply - demand environment [5]. - The competition risk is controllable in the short term, and in the long term, it is expected to benefit from the synergistic effect of upstream reservoirs. The original equity holder has strong strength, which provides a solid guarantee for the project operation. The valuation and distribution of this project are higher than comparable projects [5]. - In the current REITs market after adjustment, the project's new - share subscription is expected to attract investors who focus on stable returns and the energy infrastructure sector. Its listing performance may be promoted by both the support of asset fundamentals and the marginal improvement of market sentiment [5]. 3. Summary According to the Directory 3.1 Project Basic Situation - The Huaxia CNNC Clean Energy Closed - end Infrastructure Securities Investment Fund was registered by the China Securities Regulatory Commission on December 9, 2025. The underlying asset is the Popona Hydropower Station in Xinjiang, and the main source of cash - flow is electricity sales revenue [8]. - The project was completed in 2016, with a total installed capacity of 150,000 kilowatts and a designed annual power generation of 666 million kWh. From 2022 to 2025 H1, the company's gross profit margin maintained a good level, with fluctuations mainly due to equipment maintenance,停机避沙, and changes in power generation and electricity price structure [9]. - Except for 2024, the project's water abandonment rate remained at a relatively low level. In 2024, the water - available power generation and actual power generation reached 785 million kWh and 679 million kWh respectively [12]. 3.2 Hydropower Industry Pattern Analysis - Hydropower is an important part of the clean - energy system, currently accounting for about 15% of the national power supply. China's hydropower resources are becoming scarcer, with the installed capacity of conventional hydropower reaching 436 million kilowatts by the end of 2024 [15]. - In 2024, China's power supply - demand was in a "tight balance" state, with the highest power consumption load hitting a record high. The power consumption demand continued to grow steadily, while the new - energy installed capacity expanded rapidly, but its output was volatile [16]. - In Xinjiang, the hydropower operation environment has certain support. The power - market reform is advancing, and the water abandonment situation has improved. The Karakash River Basin has a clear hydropower development plan, and the planned new projects are progressing slowly in the short term, with uncertain long - term impacts [17][18][19]. - In the long - term, the hydropower industry has stable development potential. Pumped - storage power is expected to become a main regulating power source, and hydropower can play a greater role in promoting the "integration of wind, solar and hydropower" [20]. 3.3 Project Stability 3.3.1 Hydrological Conditions and Operation Basis - The hydrological conditions of the Karakash River are stable in the long term. The project can rely on the upstream Wuluwati Water Conservancy Project and its own facilities to adjust operation, which helps to stabilize power generation [22]. 3.3.2 Power Consumption and Dispatching Environment - The Hotan region has long - term power consumption capacity, and the "Power Transmission from Xinjiang" project provides stable support. Hydropower is in the priority dispatching sequence in the local power grid and is less affected by the rapid growth of photovoltaic installation [23]. 3.3.3 Upstream Reservoir and Power Grid Dispatching Synergy Relationship - The project can benefit from the regulation of upstream reservoirs and the "solar - hydro complementarity" dispatching mode. The future upstream reservoir is expected to increase the annual power generation of the Popona Hydropower Station by 5% [24]. 3.3.4 Electricity Price Mechanism and Water Abandonment Situation - In 2025, the power generation of the Popona Hydropower Station is fully included in the priority power - generation plan. From 2026, it will gradually participate in the market - oriented transaction, and the predicted market - oriented electricity price is about 0.25 yuan/kWh (tax - included) [25][26]. - The proportion of market - oriented transactions has been increasing. In 2024, the water - abandonment rate increased significantly due to insufficient grid consumption capacity. In the long - term, the water - abandonment pressure is expected to be alleviated with the improvement of demand and grid capacity [27][30]. 3.4 Original Equity Holder - The original equity holder is Xinjiang Xinhua Hydropower Investment Co., Ltd., which is controlled by the State - owned Assets Supervision and Administration Commission of the State Council. It is the largest hydropower operator in Xinjiang, with stable operation and profitability [31][33][34]. - After the fund issuance, the wholly - owned subsidiary Yulong Company will be responsible for project operation management, with more than 10 years of operation experience in the Popona Hydropower Station, providing a guarantee for stable project operation [40]. 3.5 Valuation and Distribution Rate 3.5.1 Historical Review of Energy Infrastructure - related REITs - REITs have certain "convertible - bond - like" attributes, related to interest - rate trends and the equity market. Energy infrastructure - related REITs have seen weakening performance since July 2025, but the new - share subscription income of new - issued REITs is still expected to be at a relatively ideal level [41]. 3.5.2 Valuation Analysis - The estimated value of the project's asset group is 1.253 billion yuan (as of June 30, 2025). The estimated annual power generation is 658 million kWh, which is a conservative assumption. The net cash - flow distribution rates for July - December 2025 and 2026 are 6.03% (annualized) and 5.64% respectively, and the IRR for fund investors during the fund's duration is 6.10% [44][45]. - Compared with the only comparable listed hydropower REIT (China Asset Management China Power Construction Clean Energy REIT), the Huaxia CNNC Clean Energy REIT is superior in asset value and cash - flow distribution ability, with more advantages in cash - flow return and distribution stability [46][49].

2025年，中国科技创新活力持续迸发，创新版图不断拓展。从基础研究的新探索到关键技术的攻坚 突破，从产业创新的深度融合到惠民成果的广泛落地，中国在人工智能、量子信息、生命科学、清洁能 源等多个前沿领域捷报频传。 世界知识产权组织发布的《2025年全球创新指数报告》显示，中国创新指数首次跻身全球前 十，"深圳—香港—广州"创新集群跃居全球首位，24个集群进入全球百强创新集群。这些突破性进展不 仅为中国高质量发展注入强劲动能，提高了人民的生活品质，更向世界贡献了推动人类共同发展的中国 智慧和中国方案。 基础研究迈上新高度 2025年中国在基础科学领域的探索不断迈上新高度，多项成果刷新国际纪录、填补领域空白。 在粒子物理领域，位于广东江门地下700米深处的江门中微子实验（JUNO）于8月正式运行，11月 便发布首个物理成果，精准测出中微子振荡的2个关键参数，测量精度较此前国际最好水平提升1.5至1.8 倍。作为国际上首个建成的新一代超大规模、超高精度中微子实验装置，JUNO为解开中微子质量起源 等重大宇宙学问题提供了关键支撑。 在材料科学领域，中国科学院物理研究所张广宇团队凭借独创的"原子制造的范德华挤压技术"，在 ...