◎记者 徐蔚 12月10日，A股市场呈现指数分化的结构性走势。截至收盘，上证指数微跌0.23%，报3900.50点，险守 3900点整数关口；深证成指午后翻红，逆势上涨0.29%，报13316.42点；创业板指微跌0.02%，报 3209.00点。全市场成交额为1.79万亿元，较前一个交易日缩量1260亿元，超2400只个股上涨，板块轮动 特征显著。 中银证券研报表示：基本面承压叠加"十五五"规划建议表态偏向积极，未来地产优化政策落地的空间打 开。对未来地产行业的修复有一定信心。从地产标的来看，一方面，流动性安全、重仓高能级城市、产 品力突出的房企或更具备α属性；另一方面，在新消费时代下，提前布局新业态、新模式、新场景的商 业地产公司，有望率先走出重围。 此外，零售板块延续强势表现，永辉超市、中央商场、茂业商业等多只个股涨停。消息面上，全国零售 业创新发展大会12月9日至10日在北京举行。商务部副部长盛秋平表示，"十五五"时期，要把零售业作 为培育完整内需体系、做强国内大循环的关键着力点，推动行业转向品质驱动、服务驱动，实现高质量 发展。 数据显示，"十四五"以来，零售业对促进消费和投资的贡献巨大。2024年 ...

Group 1 - The meeting of the Central Political Bureau emphasizes the need for a comprehensive green transition, expanding the focus from high-emission sectors to a full-spectrum transformation across all industries and processes [1] - The demand for green products and services is expected to grow, providing new market opportunities for companies, while increasing technological requirements will drive innovation in low-carbon processes and clean energy [1] - The energy system transformation is fundamental to achieving the "dual carbon" goals, with a focus on developing non-fossil energy sources such as wind, solar, hydro, and nuclear power [2] Group 2 - In the first three quarters of this year, China's renewable energy installed capacity increased by 31 million kilowatts, a year-on-year growth of 47.7%, accounting for 84.4% of new installations [2] - By the end of September, the total installed capacity of renewable energy reached 2.198 billion kilowatts, a year-on-year increase of 27.2%, representing 59.1% of the country's total power generation capacity [2] - China’s green development strategy will focus on optimizing industrial structures and promoting high-end, intelligent, and green transformations in traditional industries [3] Group 3 - The company China Green Development Investment Group is actively participating in the cultivation of strategic emerging industries related to green and low-carbon technologies, achieving multiple technological breakthroughs and industrialization [3] - The company plans to enhance its green development strategy and promote the intelligent, green, and integrated development of traditional industries [4] - The establishment of a national carbon trading market is seen as a key policy tool for facilitating the green transition, with suggestions to include more high-emission industries and introduce financial institutions to enhance market liquidity [4]

Core Viewpoint - The company emphasizes its commitment to serving the real economy, managing financial risks, and deepening financial reforms, aligning with national strategies to enhance financial support for high-quality development in the energy sector [1]. Group 1: Technology Finance - The company aims to enhance technological innovation by providing comprehensive financial services to tech enterprises, facilitating the transformation of technological achievements into productive forces [2]. - A multi-layered and specialized technology finance system is being developed, offering 29 types of financial products across equity investment, debt financing, insurance, and asset management [2]. - The company focuses on key areas such as new power systems and energy systems, utilizing a data platform to improve the precision and accessibility of financial services for tech innovation [2]. Group 2: Green Finance - The company has established a comprehensive green finance service system covering the entire chain of energy production and consumption, supporting the transition to a low-carbon economy [9]. - Over the past five years, the company has released green finance action plans and established a management model that includes mechanisms, products, business, standards, and ecosystems [9]. - The company has launched nearly 20 specialized green finance products, including compensation insurance for photovoltaic power generation losses and green loans, to support energy transition and new productive forces [9]. Group 3: Inclusive Finance - The company focuses on the needs of small and micro enterprises, creating an "online + offline" ecosystem to provide tailored financial services that support local economic development [16]. - The "Dian e Jin Fu" platform has been promoted to meet diverse financial needs across the supply chain, enhancing collaboration with government service platforms [16]. - The company has organized numerous promotional events to assist enterprises in reducing financing costs and improving operational efficiency [18][19][20]. Group 4: Pension Finance - The company integrates pension finance into the national social security system, enhancing the supply of pension financial products to meet diverse employee needs [21]. - A multi-dimensional pension financial product matrix is being developed, including pension insurance and service trusts, to address various demographic needs [22]. - The company conducts educational activities to raise awareness about pension finance, providing personalized services based on customer profiles [23][24]. Group 5: Digital Finance - The company is advancing its digital transformation strategy, establishing a digital regulatory system to enhance risk management and operational efficiency [25][26]. - An artificial intelligence platform has been developed to support various financial units, improving service quality and management capabilities [26]. - The company is innovating in digital currency applications, with successful projects showcased at industry events, contributing to the development of a digital currency ecosystem [26].

Core Viewpoint - The company is accelerating its entry into the hydrogen energy sector driven by the "dual carbon" goals and supportive policies for new energy systems [2] Group 1: Company Initiatives - The company is investing in green methanol and methane projects in Liao Yuan and An Da, aiming to build a complete industrial chain ecosystem covering "wind and solar power generation - energy storage - hydrogen production - hydrogen-based derivatives" [2] - The Liao Yuan project includes a first phase with 514.8 MW of grid-connected wind power, 443 MW of off-grid wind power, water electrolysis for hydrogen production, biomass waste heat utilization, and a 170,000 tons/year electro-methanol production facility, which is currently in the construction and installation phase [2] - The An Da project’s first phase encompasses 400 MW of grid-connected wind power, 400 MW of off-grid wind power, water electrolysis for hydrogen production, biomass waste heat utilization, and a 170,000 tons/year electro-methanol production facility, with all approvals completed and construction underway for both chemical and wind power components [2]

Core Insights - New Hope Group was awarded the "2025 Annual Business Model Reform Enterprise" at the "2025 China Enterprise Competitiveness Annual Conference," reflecting its strong performance in industry transformation through intelligent capabilities [1] - The awards assess companies based on performance, influence, social responsibility, and popularity, showcasing industry-leading practices [1] Group 1: Low-Carbon Transition - New Hope is leading the low-carbon transition by integrating "Energy + AI," providing replicable low-carbon development solutions to over 9,000 energy-consuming units across various scenarios [2] - The company's smart technologies have helped clients achieve efficiency improvements of over 80%, while contributing to a reduction of 58.02 million tons of CO2 emissions [2] - The greenhouse gas emission intensity of its energy production business has decreased by 41.5% compared to 2019, serving as a practical model for industry low-carbon transformation [2] Group 2: Future Energy Exploration - New Hope is actively investing in "carbon-free" energy technology, focusing on the "hydrogen-boron fusion" route, which is characterized by clean safety, easy fuel access, and low costs [3] - The company has made significant progress with its "Xuanlong-50U" device, achieving breakthroughs in high-temperature plasma current and strong magnetic fields, which have been recognized in the IAEA's "Fusion Energy Outlook 2025" report [3] - Through technological innovation, New Hope aims to contribute to the construction of a green low-carbon energy system and provide exemplary models for intelligent upgrades across various industries [3]

Group 1 - The upcoming Central Economic Work Conference is expected to provide guidance on key areas that will influence the market trends for the following year [1] - Historical experiences show that the themes emphasized in past conferences have significantly impacted economic expectations and risk preferences, with notable examples including "structural adjustment" and "supply-side reform" [1] - The key themes from last year's conference, "new quality productivity" and "anti-involution," have emerged as the two most important market lines for this year in the A-share market [1] Group 2 - The table outlines the key areas of focus from various years of the Central Economic Work Conference, highlighting the corresponding keywords and the top-performing sectors in the following year [2] - For instance, in 2012, the focus was on deepening structural adjustments, leading to significant growth in sectors like media and computer technology, with a performance increase of 107% and 67% respectively [2] - In 2023, the emphasis is on developing new quality productivity and promoting large-scale equipment updates, which is expected to impact sectors such as banking and electronics, with projected growth rates of 34% and 30% respectively [2]

中共海南省委关于制定国民经济 和社会发展第十五个五年规划的建议 （2025年11月30日中国共产党海南省第八届委员会第八次全体会议通过） "十五五"时期是我国基本实现社会主义现代化夯实基础、全面发力的关键时期，也是海南自由贸易港在 封关运作新起点上全面深化改革开放、实现高质量发展的关键五年。中国共产党海南省第八届委员会第 八次全体会议认真学习贯彻党的二十届四中全会精神和习近平总书记关于海南工作的系列重要讲话和指 示批示精神，深入分析国际国内形势，就制定海南省国民经济和社会发展"十五五"规划提出以下建议。 自由贸易港政策制度体系初步建立。围绕自由贸易港建设先后出台210多项政策文件，三张"零关税"清 单、"双15％"所得税优惠、加工增值免关税等政策持续优化。全国首张跨境服务贸易负面清单出台实 施。可免签入境海南国家达86个，"中国洋浦港"船籍港国际航行船舶总吨位跃居全国第二，多功能自由 贸易账户（EF账户）上线运行，数据出境实现负面清单管理。累计制定自由贸易港法规55件。进口征 税商品目录、海关监管办法等封关政策全面出台。 高水平开放稳步推进。增值电信、金融、教育、医疗等领域开放进一步扩大。货物贸易、服务贸易实 ...

我们是新时代的"青年探险家", 手握科技的罗盘,胸怀报国的志向。 今天,让我们循着百年航海图, 开启一场青春与海洋的对话, 解锁深藏于蔚蓝之中的强省密码, 用青春智慧绘制新时代的"郑和海图"! BLUE GRANARY ना lilitial 这是我们用青春标记的第一个坐标! 从'捕鱼人'到'牧海者', 我们正在把万里海疆建成智能化的'蓝色农场'。 让中国人的饭碗装更多优质蛋白, 这是青年一代对'粮食安全'的坚定回答。 我们是新时代的"青年探险家"，手握科技的罗盘，胸怀报国的志向。今天，让我们循着百年航海图，开启一场青春与海洋的对话，解锁深藏于蔚蓝之中的 海洋强省密码，用青春智慧绘制新时代的"郑和海图"！ FUTURE METAL 4 3 K 上 1月 (新能源汽车 7.00 用青春智慧,唤醒沉睡亿年的宝藏。 这些深海'未来金属', 将是实现科技自立自强的重要基石。 我们这一代,要做战略资源的'开拓者', 而非坐等资源的'继承者'。 Tel 7 - 2 PPP 2 Fir DEEP-SEA TREASURES 117 B a t : il = 1. 1 听!风、浪、潮汐都在为我们歌唱。 我们正在把大海的呼吸, ...

Industry Updates - The National Energy Administration projects that China's crude oil production is expected to reach 215 million tons by 2025, marking a historical high. During the 14th Five-Year Plan period, the country has added 105 million tons of new crude oil capacity, with offshore oil contributing over 60% of the new production for five consecutive years [2] - The first national-level continental shale oil demonstration zone in China, located in Xinjiang, has achieved an oil output of over 1.7 million tons this year, completing its construction tasks. The shale oil reservoir presents significant technical challenges due to its depth and low permeability [3] - The first intelligent autonomous control system for gas turbine power generation in China has been successfully put into operation, marking a transition to smart autonomous operation in thermal power generation [3] - Sichuan Province is soliciting opinions on the implementation details for green electricity direct connection projects, aiming for a self-consumption ratio of at least 60% of total available power generation by 2030 [4] - Jiangsu Province has completed its first batch of intelligent orderly charging pilot communities, enhancing the synergy between new energy vehicles and the new power system [4] Company News - The first gas turbine unit of the Sichuan Huadian Neijiang Gas Turbine Innovation Development Demonstration Project has officially commenced power generation, contributing to energy supply during the winter peak [7] - The East African Crude Oil Pipeline (EACOP) project, undertaken by a Chinese company, has completed 581 kilometers of mainline welding, reaching a completion rate of 96.5%, and is entering the final stages of construction [7] Market Performance - In November, the production of new energy passenger vehicles reached 1.757 million units, a year-on-year increase of 18.3%, with a cumulative production of 13.788 million units from January to November, reflecting a growth of 28.6% [5]

Quantitative Models and Construction Methods Model 1: Carbon Emission Intensity Deviation and Carbon Emission Intensity Coefficient - **Model Name**: Carbon Emission Intensity Deviation and Carbon Emission Intensity Coefficient - **Model Construction Idea**: The model aims to allocate carbon quotas based on the deviation of a company's carbon emission intensity from the industry average, incentivizing companies to reduce emissions. - **Model Construction Process**: - The carbon emission intensity deviation (X) is calculated as the difference between a company's unit product carbon emission and the industry average, divided by the industry average: $$ X = \frac{I - BP}{BP} $$ where \( I \) is the company's unit product carbon emission, and \( BP \) is the industry average. - The carbon emission intensity coefficient (α) is determined based on the deviation (X): $$ \alpha = \begin{cases} -3\% & \text{if } X \leq -20\% \\ 15\% \times X & \text{if } -20\% < X \leq 20\% \\ +3\% & \text{if } X > 20\% \end{cases} $$ - The quota amount (A) is calculated as: $$ A = E \times (1 + \alpha) $$ where \( E \) is the company's verified emissions for the year. - **Model Evaluation**: This model ensures that differences in emission control levels among companies are reflected in their quota allocations, providing positive incentives for emission reduction while maintaining overall quota stability.[8][9][11] Model Backtesting Results - **Carbon Emission Intensity Deviation and Carbon Emission Intensity Coefficient**: - The model's implementation is expected to significantly expand the coverage of the national carbon market, enhancing the price discovery function of carbon prices and reflecting marginal abatement costs more clearly.[12][13] Quantitative Factors and Construction Methods Factor 1: National Certified Voluntary Emission Reduction (CCER) Methodology - **Factor Name**: National Certified Voluntary Emission Reduction (CCER) Methodology - **Factor Construction Idea**: The factor aims to provide a quantifiable method for voluntary emission reduction projects, converting emission reductions into tradable environmental credits. - **Factor Construction Process**: - The methodology includes three key scenarios: offshore oilfield associated gas recovery, onshore gas field test gas recovery, and onshore oilfield low-gas-volume associated gas recovery. - Each scenario has specific mechanisms for emission reduction, monitoring, and accounting requirements. - For example, the offshore oilfield associated gas recovery scenario involves recovering gas that would otherwise be flared, converting it into usable products, and reducing methane emissions. - **Factor Evaluation**: This methodology provides clear technical specifications and market incentives for methane emission reduction projects in the oil and gas industry, supporting the achievement of methane control targets.[14][15] Factor Backtesting Results - **National Certified Voluntary Emission Reduction (CCER) Methodology**: - The implementation of this methodology is expected to lead to the initiation of more associated gas recovery projects, contributing to the achievement of China's dual carbon goals and supporting the green and low-carbon transition of the oil and gas industry.[14][15]