Investment Rating - The report maintains a "Buy" rating for the environmental protection industry, consistent with the previous rating [2]. Core Insights - The central economic meeting emphasized the "dual carbon" strategy, indicating a strong push towards green energy development and comprehensive green transformation in the industry [13][15]. - The report highlights significant investment opportunities in waste management, recycling, and renewable energy sectors, particularly in waste incineration and carbon monitoring equipment [15][18]. - The report notes a trend of increasing dividend payouts among solid waste companies, with the average dividend payout ratio rising from 34.3% in 2019 to 48.5% in 2024, indicating a shift towards a "dividend investment strategy" in a mature market [15][19]. Summary by Sections Section 1: Dual Carbon and Green Transformation - The central economic meeting outlined key initiatives for promoting energy efficiency and carbon reduction across major industries, including the establishment of a national carbon trading market and comprehensive solid waste management actions [13][15]. - The report anticipates growth in the green economy, particularly in sectors like waste incineration and recycling, driven by government policies [15][18]. Section 2: Biodiesel Market Insights - The report discusses the biodiesel market, noting a slight decrease in SAF prices while UCO prices remain strong, with UCO prices reaching $1,065 per ton, an 8.1% increase since the beginning of the year [19][22]. - The report suggests that companies involved in waste oil processing and biodiesel production will benefit from these market dynamics, particularly those with integrated operations [28]. Section 3: Policy Tracking - The report tracks domestic and international developments related to carbon neutrality, including the establishment of a carbon trading market and the EU's commitment to significant emission reductions by 2040 [31][32]. - It highlights the importance of policy frameworks in driving the green transition and the role of financial support for green projects [38]. Section 4: Company Announcements and Market Trends - The report provides updates on key companies in the environmental sector, including investment agreements and project developments that enhance market competitiveness [41][43]. - It notes that the environmental sector's valuation is currently at historical lows, suggesting potential for future growth [41].

Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints - The steel sector is currently facing supply-demand contradictions, but with the implementation of various "stabilization growth" policies, overall steel demand is expected to remain stable or slightly increase, supported by real estate stabilization, steady infrastructure investment, and continued manufacturing development [3] - The report highlights that the steel industry is likely to maintain a stable supply-demand situation, with a tightening supply under the expectation of price control policies and increasing industry concentration [3] - The report suggests that there are structural investment opportunities in the steel sector, particularly in high-margin special steel companies and leading steel enterprises with strong cost control and scale effects [3] Supply Situation - As of December 12, the capacity utilization rate of blast furnaces in sample steel companies is 85.9%, down 1.16 percentage points week-on-week [26] - The average daily pig iron output is 2.292 million tons, a decrease of 3.10 thousand tons week-on-week [26] - The total output of five major steel products is 6.957 million tons, down 3.20% week-on-week [26] Demand Situation - As of December 12, the consumption of five major steel products is 8.397 million tons, a decrease of 2.83% week-on-week [36] - The transaction volume of construction steel by mainstream traders is 98,000 tons, down 0.79% week-on-week [36] Inventory Situation - As of December 12, the social inventory of five major steel products is 9.417 million tons, down 3.76% week-on-week [44] - The factory inventory of five major steel products is 3.904 million tons, up 0.86% week-on-week [44] Steel Prices & Profits - As of December 12, the comprehensive index for ordinary steel is 3,434.0 yuan/ton, down 1.14% week-on-week [50] - The profit for rebar produced in blast furnaces is 21 yuan/ton, down 38.24% week-on-week [56] - The profit for electric arc furnace steel for construction is -25 yuan/ton, unchanged week-on-week [56] Raw Material Situation - As of December 12, the spot price index for Australian iron ore (62% Fe) is 785 yuan/ton, down 0.63% week-on-week [74] - The price of first-grade metallurgical coke is 1,825 yuan/ton, down 55 yuan/ton week-on-week [74] Investment Suggestions - The report recommends focusing on regional leading enterprises with advanced equipment and environmental standards, such as Shandong Steel, Hualing Steel, and Baosteel [3] - It also suggests paying attention to companies with excellent growth potential and restructuring capabilities, such as Nanjing Steel and Maanshan Steel [3]

Investment Rating - The report indicates a positive investment outlook for the wind power, hydrogen, and energy storage sectors, driven by government policies and market demand [1][5][18]. Core Insights - The central economic work conference has prioritized "dual carbon" initiatives and comprehensive green transformation as key tasks for the upcoming year, emphasizing energy supply and consumption decarbonization [1][5]. - Investment opportunities during the 15th Five-Year Plan are expected to focus on three main areas: wind power, green hydrogen and ammonia, and energy storage [1][5]. - The European wind power market is anticipated to see sustained demand due to legislative reforms and infrastructure investments [1][6]. Summary by Sections Wind Power - The EU's new grid plan aims to improve wind project access and enhance certainty for offshore projects, with a significant demand expected in Europe [1][6]. - Recommendations include focusing on companies involved in offshore capabilities, such as pile foundations, components, and wind turbines [1][6][7]. Lithium Battery - Tianji Co. and Tianci Materials have postponed their 6F project timelines, indicating cautious supply expansion [8][10]. - The lithium battery supply chain remains optimistic about price stability and demand recovery [8][10]. Photovoltaics & Energy Storage - The photovoltaic industry is undergoing a "de-involution" phase, with a focus on cost control and supply-side adjustments to restore profitability [14][15]. - The establishment of a polysilicon capacity integration platform is seen as a critical step towards addressing industry competition issues [15][16]. Hydrogen and Fuel Cells - Hydrogen is positioned as a key carrier for non-electric decarbonization, with increasing policy support and market demand expected [18][19]. - The green methanol market is projected to grow significantly, driven by global demand and regulatory changes [18][19]. Electric Grid - The approval of a major ultra-high voltage project in Zhejiang is expected to enhance profit elasticity for related companies [3][23]. - The North American AI power shortage is driving demand for high-efficiency electrical equipment, benefiting leading power equipment exporters [22][23]. AIDC and Liquid Cooling - Taiwanese liquid cooling companies reported significant revenue growth, indicating a rising demand for liquid cooling solutions in AI applications [24][26]. - The acquisition activities in the liquid cooling sector are expected to enhance competitive positioning for domestic companies in the global market [26][27]. Investment Recommendations - Recommended companies in wind power include Goldwind Technology, Yunda Co., and Mingyang Smart Energy [28]. - In the photovoltaic sector, key players include Sungrow Power, Xinyi Solar, and LONGi Green Energy [28]. - For energy storage, companies like Sungrow Power and Aiko Solar are highlighted [28]. - In the hydrogen sector, recommended firms include Furuite and Huadian Science and Technology [28].

Core Viewpoint - The capacitor base film market is experiencing growth driven by increasing demand from the electric vehicle and renewable energy sectors, with significant market size projections for 2024 and 2025 in both global and Chinese contexts [1][5][7]. Market Size and Projections - The global capacitor base film market is projected to reach 7 billion yuan in 2024, with specific contributions from the electric vehicle sector (2 billion yuan), renewable energy systems (1.6 billion yuan), and industrial equipment and home appliances (3.4 billion yuan) [1][5]. - By 2025, the global market size is expected to grow to approximately 8.1 billion yuan, with the electric vehicle sector contributing around 2.5 billion yuan, renewable energy systems about 2.1 billion yuan, and industrial equipment and home appliances around 3.5 billion yuan [1][5]. - In China, the capacitor base film market is anticipated to reach 4 billion yuan in 2024, with the electric vehicle and renewable energy sectors each contributing 1.4 billion yuan, and industrial equipment and home appliances contributing 1.2 billion yuan [7]. - The Chinese market is projected to grow to approximately 4.6 billion yuan by 2025, with similar contributions from the electric vehicle and renewable energy sectors [7]. Industry Definition and Role - Capacitor base film is a high-stability electronic material made from biaxially oriented polypropylene, characterized by high insulation, uniform thickness, and low dielectric loss [2][5]. - It serves as the core dielectric material in film capacitors, playing a crucial role in energy storage and maintaining stable insulation under high voltage conditions [2][5]. Industry Development Environment - The capacitor base film industry is supported by various government policies aimed at promoting the development of electronic components, renewable energy, and information industries [11]. Competitive Landscape - The international market for film capacitor base film is dominated by manufacturers from Japan and Europe, with companies like Toray, Wacker Chemie, and Mitsubishi leading in technology and market share [14]. - In China, the market has developed a stable competitive landscape with key players including Tongfeng Electronics, Dazhong Southeast, Longchen Technology, and Haiwei Electronics, among others [14][15]. Industry Trends - The capacitor base film industry is facing opportunities from rapid growth in sectors like renewable energy and AI, but also challenges such as high technical barriers and intensified competition in medium-thick films [4]. - The demand for thinner, higher voltage, and higher temperature-resistant capacitor base films is increasing due to the evolving requirements of downstream applications, particularly in electric vehicles and renewable energy systems [17][19].

五是民生保障更加有力。育儿补贴、学前一年免费教育等政策相继落地实施，社会保障水平持续提高， 粮食产量连续两年突破1.4万亿斤，社会大局保持和谐稳定。 ——权威人士解读中央经济工作会议精神 中国发展改革报社记者 付朝欢 12月13日，在以"贯彻落实中央经济工作会议精神，以高质量发展为'十五五'开好局"为主题的2025-2026 中国经济年会上，多位权威人士对刚刚闭幕的中央经济工作会议精神进行了解读。 中央财经委员会办公室分管日常工作的副主任、中央农村工作领导小组办公室主任韩文秀表示，今年是 中国式现代化进程中具有重要意义的一年，是很不平凡的一年。全年经济社会发展主要预期目标将顺利 实现，"十四五"即将圆满收官。 机构预测：2025年中国经济增长5%左右 "一年来，我国经济顶压前行，向新向优发展，展现出了强大的韧性和活力。"韩文秀表示，一是主要经 济指标表现好于预期。许多机构预测，今年全年经济增长5%左右，我国仍然是全球经济增长的最大引 擎。就业形势总体稳定，外贸较快增长，出口多元化成效明显。 二是现代化产业体系建设加快推进。新质生产力稳步发展，人工智能、生物医药、机器人等研发和应用 处在全球第一梯队。 三是改革 ...

人民日报北京12月13日电 12月12日至13日，全国发展和改革工作会议在北京召开。会议强调，要深刻 领会习近平总书记在中央经济工作会议上提出的"五个必须"的重要内涵，准确把握明年经济工作的总体 要求，扎扎实实做好明年发展改革重点工作。 统筹谋划推动人口高质量发展，加快完善适应人口变化的公共资源配置机制，加强教育资源前瞻布局。 综合整治"内卷式"竞争和培育发展新动能。完善重点行业产能治理和重大基础设施调控，大力培育壮大 新兴产业和未来产业，培育壮大若干新兴支柱产业，深化拓展"人工智能+"行动，补齐科技服务业短 板，完善低空经济产业生态，深入推进数字经济高质量发展。 进一步全面深化改革。研究制定全国统一大市场建设条例，协同推进"准入、场景、要素"一体化改革。 持续抓好招商引资、招标投标等方面重点问题整治，坚决破除各类壁垒障碍。更大力度发展民营经济， 大力推动民营经济促进法配套制度建设。 深入扩大高水平对外开放。稳步扩大制度型开放，统筹做好"引进来"和"走出去"，推动共建"一带一 路"高质量发展。 以"双碳"为引领加快推动全面绿色转型。稳步实施碳排放总量和强度双控制度，完善配套制度，强化评 价考核，严控新增"两高 ...

会议提出，制定一体推进教育科技人才发展方案。西安培华学院智能科学与工程学院副教授路陈红 表示："作为一名高校科研人员，我将聚焦国家发展战略、对接地方产业需求，在人工智能等领域持续 攻关，深化拓展'人工智能+'，加紧培育壮大新动能。积极利用'三项改革'等政策，推动更多科技成果 从'书架'走向'货架'。同时，作为一名高校教师，我将不断改进教学方式方法，引导更多学生把论文写 在祖国大地上，加强拔尖创新人才培养，把培养国家重大战略急需人才摆在突出位置，为加快建设教育 强国、科技强国、人才强国贡献力量。" "会议为全面推进乡村振兴、守牢不发生规模性返贫底线指明了方向。我们驻村工作队深感责任重 大。"渭南市华州区金堆镇东西坪村驻村第一书记刘斌说，"近年来，东西坪村依托帮扶力量，形成了西 红柿、中药材多业态产业矩阵，动态完善了全村基础设施，并建立起汛期道路应急抢修与维护长效机 制，夯实了发展的硬件基础。我们将持续推动常态化帮扶，通过订单农业、入股分红、公益岗位等方式 提高村民收入，同时加强对易地搬迁户的技能培训，促进其高质量充分就业，努力让乡亲们的日子越过 越红火，在共同富裕的道路上迈出更坚实的步伐。" "会议提出，统筹推 ...

Group 1: Economic Development Strategies - The central economic work meeting emphasized the importance of innovation-driven development and the cultivation of new growth drivers, focusing on key industries such as aerospace equipment and fine chemicals [1] - The provincial government aims to enhance the business environment and support high-quality development through comprehensive reforms and innovation [2] - The meeting highlighted the need for precise macroeconomic policies to ensure stable and high-quality economic growth, which will benefit the province's development [4] Group 2: Industry-Specific Initiatives - The provincial housing and urban-rural development department plans to advance urban renewal projects, including the renovation of old residential areas and the promotion of smart construction [3] - The provincial natural resources department is focused on optimizing land use and enhancing resource efficiency while ensuring ecological protection [2] - The provincial power company is set to support the green transition by optimizing the power grid for renewable energy integration and enhancing electricity supply reliability [6] Group 3: Local Economic Contributions - The Lanqi Fine Chemical Materials Company is investing 3 billion yuan in a project to produce 100,000 tons of adiponitrile and 200,000 tons of nylon 66, which is expected to generate an annual output value of approximately 5.8 billion yuan [8] - Local governments are actively implementing strategies to foster high-quality development, focusing on sectors such as non-ferrous metals and clean energy [9] - The emphasis on rural revitalization includes strengthening grassroots party organizations and promoting diverse industries to enhance economic vitality [10]

12 月 13 日，中国国际经济交流中心举办 2025 — 2026 中国经济年会。 国家发展改革委副秘书长肖渭明在年会上发表《贯彻落实中央经济工作会议部署 扎实做好明年经济发展重点 工作》的主旨演讲。肖渭明表示， 明年要全方位扩大国内需求 ，持续破除阻碍全国统一大市场建设的卡点堵 点等。在优化营商环境部分，他谈到，清理政府欠款是目前改进提升营商环境的最大动作。单个合同或单个项 目欠款 50 万元以下的，到 2025 年底要全部清理完毕。全面推进加快加力清理拖欠企业账款的行动也是今后 几年我国持续优化营商环境的重要举措之一。 中央经济工作会议指出，加大逆周期和跨周期调节力度，提升宏观经济治理效能。肖渭明表示，这两个周期各 有所指，"逆周期"表明现在经济有下行压力，所以要采取有效的手段，"跨周期"说明现在一些结构性的矛盾问 题，不是短期内能够有效解决的。因此，要短长结合，继续实施更加积极的财政政策和适度宽松的货币政策， 强化政策预期管理，加强宏观政策和重大改革举措的协同配合，扎实开展各类经济政策和非经济政策、存量政 策和增量政策的宏观政策取向一致性评估。 "改进提升营商环境，现在最大的一个动作是清理地方政府的欠 ...

国家发展改革委副秘书长肖渭明在年会上发表《贯彻落实中央经济工作会议部署 扎实做好明年经济发展重点 工作》的主旨演讲。肖渭明表示，明年要全方位扩大国内需求，持续破除阻碍全国统一大市场建设的卡点堵点 等。在优化营商环境部分，他谈到，清理政府欠款是目前改进提升营商环境的最大动作。单个合同或单个项目 欠款50万元以下的，到2025年底要全部清理完毕。全面推进加快加力清理拖欠企业账款的行动也是今后几年我 国持续优化营商环境的重要举措之一。 中央经济工作会议指出，加大逆周期和跨周期调节力度，提升宏观经济治理效能。肖渭明表示，这两个周期各 有所指，"逆周期"表明现在经济有下行压力，所以要采取有效的手段，"跨周期"说明现在一些结构性的矛盾问 题，不是短期内能够有效解决的。因此，要短长结合，继续实施更加积极的财政政策和适度宽松的货币政策， 强化政策预期管理，加强宏观政策和重大改革举措的协同配合，扎实开展各类经济政策和非经济政策、存量政 策和增量政策的宏观政策取向一致性评估。 12月13日，中国国际经济交流中心举办2025—2026中国经济年会。 排版：刘珺宇 校对：杨立林 百万用户都在看 肖渭明表示，明年要全方位扩大国内需求。 ...