"从实验室到产业线，每一项技术突破都在推动低碳从理念变成现实。"北京市质检院副院长兼智能汽车 所所长胡芳芳分享了氢能检测平台建设情况并表示，"优质的检测平台就像产业爆发的'加速器'，能为 企业创新保驾护航，让氢能产业跑得更稳、更远。" 北京氢璞创能科技有限公司董事长欧阳洵则以"氢芯的进化，从实验室样品到低碳出行方式"为题，分享 了企业在核心技术领域攻坚克难的故事。分享会结束后，观察团在国家氢燃料电池汽车检验检测中心现 场观摩了燃料电池极端环境测试、高压氢瓶冲击试验；在北京氢璞创能科技有限公司的电堆制造车间， 观察团成员直击氢燃料电池核心部件的诞生过程，部分成员还在工程师指导下亲手参与了电堆部分模块 的简易组装。"亲手触摸这些精密部件，才知道每台氢能汽车背后都凝聚着无数研发人员的心血。"一位 大V深有感触地说。 "以前担心氢能不安全、加氢不方便，今天体验下来完全打消了顾虑，相信未来氢能汽车会越来越普 及。"走访人员体验后说道。 中化新网讯12月3日，"氢能领航.双碳助力"主题评论活动在大兴国际氢能示范园区举办。活动以"未来 视野、首都站位、产业纵深"为主题，由专业评论员、网络名人、重点媒体代表组成"探碳官"观察 ...

Core Viewpoint - Qinghai Unicom is leveraging its ecological advantages and clean energy resources to develop a green computing model that aligns with national goals for ecological protection and digital economy growth, demonstrating a successful integration of ecological responsibility and industrial development [1][6]. Group 1: Policy Guidance and Development Framework - Qinghai Province has proactively introduced the "Green Computing Base Construction Plan," aiming to establish a leading green computing base by 2030, emphasizing ecological protection in infrastructure development [1]. - The plan features a "1+2+N" development framework, ensuring precise alignment between computing resource allocation and regional ecological capacity [1]. Group 2: Resource Advantages and Energy Conditions - Qinghai's unique ecological positioning and energy conditions, characterized by abundant water, sunlight, and wind, provide a natural advantage for developing green computing [2]. - Clean energy generation accounts for 93% of Qinghai's installed capacity, with renewable energy making up over 69%, leading the nation [2]. Group 3: Technological Innovations - Qinghai Unicom has made significant technological advancements, including a "wind-solar-storage + computing center" model that provides 10 million kWh of zero-carbon electricity annually, achieving 100% local consumption of green electricity [3]. - The company has reduced cooling energy consumption by 40% through advanced natural cooling technologies, outperforming traditional data centers [3]. - A collaboration with Alibaba Cloud has resulted in the first domestically produced large-scale green computing cluster, optimizing energy consumption and computing output [3]. Group 4: Industrial Ecosystem and Development Space - The Sanjiangyuan Green Electricity and Computing Integration Demonstration Park serves as a hub for leading computing and renewable energy companies, creating a complete industrial chain [4]. - The park has achieved a computing capacity of 15,000 PFLOPS, expected to reach 26,000 PFLOPS by year-end, effectively supporting the "East Data West Computing" initiative [4]. - Innovative applications such as "computing + ecological monitoring" and "computing + carbon accounting" enhance both computing supply and ecological protection [4]. Group 5: Theoretical Insights and Future Directions - Qinghai Unicom's practices illustrate that ecological protection and industrial development can coexist, transforming ecological advantages into energy and computing strengths [5]. - The integration of green electricity, intelligent computing, and precise scheduling is identified as a core pathway for green computing [5]. - The collaborative efforts of government policies and market-driven initiatives are crucial for maintaining ecological protection while fostering industrial innovation [5]. Group 6: Future Development Focus - Future efforts should include deepening innovations in liquid cooling and quantum computing to further reduce energy consumption in computing [6]. - Expanding the application of green computing in ecological monitoring and climate change research in the Qinghai-Tibet Plateau is essential [6]. - Establishing mechanisms for carbon footprint accounting and green electricity trading will facilitate the marketization of ecological value [6].

Core Viewpoint - The company is expected to transform into a comprehensive energy service listed company focusing on "green energy technology services" and "dual carbon ecosystem integration" after the completion of a significant asset restructuring [1] Group 1: Asset Restructuring - The asset restructuring will divest the company's long-term loss-making magnetic levitation business and low-margin bridge business, facilitating the entry and empowerment of Shudao Group [1] - The existing photovoltaic business includes 22 solar power stations with a total installed capacity of 1958.52 MW (including projects under construction), which will complement the newly injected clean energy business [1] Group 2: Transformation and Development Strategy - The company aims to adhere to multi-energy complementarity and integrated development, leveraging existing quality power generation assets while actively exploring pumped storage, compressed air energy storage, and hydrogen storage [1] - The focus will shift from the power supply side to the consumption side, providing distributed energy, energy-saving renovations, smart operation and maintenance, and carbon management services [1] - The company plans to enhance technology-driven and industry collaboration by increasing R&D investment to tackle core energy technologies and promote digitalization and intelligent industry [1]

Group 1: Report Overview - Report Name: Copper Futures Daily Report [1] - Date: December 9, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Investment Rating - Not provided Group 3: Core View - The Shanghai copper price hit a new record high. The spot price rose by 715 to 92,300. High copper prices have weakened downstream orders and pressured the premium. The spot premium fell by 40 to 130. The import loss in the two markets narrowed to around 1,000 yuan. The short - term high copper price suppresses demand, which may cause fluctuations in the upward trend of copper prices. However, due to the tight supply of mines and ingots in 2026 and green demand, the medium - term fundamentals of copper are strongly supported. Coupled with the loose policies of China and the US providing a bullish macro - environment, the medium - term outlook for copper prices is bullish [10] Group 4: Market Review and Operation Suggestions - Shanghai copper reached a new historical high. The spot price increased by 715 to 92,300. High copper prices led to a decrease in downstream orders, and the spot premium dropped by 40 to 130. The import loss in the two markets narrowed to around 1,000 yuan. The LME0 - 3 back structure narrowed to 23, and the Shanghai - London ratio remained at a low level. The Politburo meeting on China's economy set the tone for economic policies in 2026, with more active fiscal policies and moderately loose monetary policies, which is beneficial to the copper market. This drove the copper price up again in the afternoon. This week, important Chinese data will be released, and the Fed's interest - rate meeting will be held on Thursday, with few expected surprises. In the short term, high copper prices will suppress demand, causing fluctuations in the upward trend of copper prices. But in the medium term, due to tight supply and green demand, and favorable macro - policies, copper prices are expected to rise [10] Group 5: Industry News - In November 2025, China's imports of copper ore and concentrates were 2.526 million tons, up from 2.45 million tons in October. From January to November, the cumulative imports were 27.614 million tons, a year - on - year increase of 8.0% [11] - In November 2025, China's imports of unwrought copper and copper products were 427,000 tons, down from 440,000 tons in October. From January to November, the cumulative imports were 4.883 million tons, a year - on - year decrease of 4.7% [11] - Peru's Congress voted to extend a controversial permit for one year. Informal gold and copper miners with this permit can enjoy more relaxed operating requirements until the end of next year. The bill needs to be signed by the president to take effect and is opposed by the formal mining industry. The territorial conflict between small - scale and large - scale miners has affected several copper mines and projects [11]

2025 年 12 月 09 日 工业硅：关注新疆当地后续环保情况 多晶硅：政治局会议再提"双碳"，盘面逢低 做多为主 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com | | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Si2601收盘价（元/吨） | 8,675 | -130 | -470 | -390 | | | | | Si2601成交量（手） | 251,796 | 81,127 | 35,009 | 23,299 | | | | | Si2601持仓量（手） | 187,087 | -9,856 | -16,187 | -49,768 | | | 工业硅、多晶硅期货市场 | | PS2601收盘价（元/吨） | 54,545 | -965 | -3,160 | - | | | | | PS2601成交量（手） | 157,970 | -1,410 | -180,726 | - | | | | | PS2601持仓量（手） | ...

Core Viewpoint - The futures market plays a crucial role in supporting the real economy during the "14th Five-Year Plan" period, aligning with national strategies and integrating deeply into the industrial chain to ensure stable operations of the real economy [1]. Group 1: Strategic Initiatives - The futures exchanges are actively integrating their development into national priorities, focusing on key areas such as rural revitalization and green development to strengthen risk management for the real economy [2]. - The "insurance + futures" model has been optimized to create risk transfer channels connecting agriculture with the futures market, with several projects recognized as best practices for global poverty reduction by the UN [2]. Group 2: Agricultural Support - The Zhengzhou Commodity Exchange (ZCE) has launched 184 "insurance + futures" projects covering various agricultural products, benefiting 373,000 tons of spot goods and 580,000 farmers [3]. - The Dalian Commodity Exchange (DCE) has invested over 800 million yuan in projects to support major agricultural products, impacting over 700,000 farmers, and introduced the "Silver Futures Insurance" model to provide comprehensive risk management solutions [3]. Group 3: Fertilizer Market Management - The ZCE has implemented the "Worry-Free Commercial Storage" project for urea, providing risk management support for 495,000 tons of urea across 23 provinces, with nearly 90% of leading urea trading companies participating [4]. - The exchanges are also extending services to the green low-carbon sector, launching new futures products and collaborating on green standards [4]. Group 4: Risk Management Services - The futures market has diversified its service models beyond traditional hedging, creating a multi-faceted approach to risk management that meets various stakeholder needs [6]. - The ZCE's comprehensive business platform has facilitated financing exceeding 33.39 billion yuan for 137 enterprises, enhancing the integration of futures and spot markets [6]. Group 5: Industry-Specific Solutions - The DCE has optimized its futures-to-spot business to cover 26 products, facilitating flexible delivery and enhancing the foundation for futures-spot integration [7]. - The establishment of "production-finance bases" by the exchanges aims to promote deeper integration of futures and spot markets, with numerous training and support initiatives for enterprises [7]. Group 6: Market Development and Education - The exchanges are enhancing market cultivation through various branding activities, increasing industry participation in futures markets [8]. - The China Financial Futures Exchange (CFFEX) has implemented a long-term risk management plan, significantly increasing participation from long-term funds in the financial futures market [9]. Group 7: Future Outlook - The futures market is expected to continue its reform and innovation, enhancing service quality to contribute to high-quality economic development [10].

2025年12月09日 国泰君安期货商品研究晨报-绿色金融与新能源 观点与策略 | 镍：结构性过剩转变，博弈矛盾并未改变 | 2 | | --- | --- | | 不锈钢：供需延续双弱运行，成本支撑逻辑增强 | 2 | | 碳酸锂：基本面向上驱动有限，区间震荡 | 4 | | 工业硅：关注新疆当地后续环保情况 | 6 | | 多晶硅：政治局会议再提"双碳"，盘面逢低做多为主 | 6 | 国 泰 君 安 期 货 研 究 所 期货研究 商 品 研 究 2025 年 12 月 09 日 镍：结构性过剩转变，博弈矛盾并未改变 不锈钢：供需延续双弱运行，成本支撑逻辑增强 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 请务必阅读正文之后的免责条款部分 1 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 118,030 | 240 | 180 | 2,50 ...

Core Viewpoint - The company is committed to integrating ESG principles into its operations and aims to enhance the use of green electricity in its production facilities as part of its "dual carbon" strategy [2]. Group 1: Green Electricity Usage - The company has production bases located in Guangdong, Shandong, Inner Mongolia, and others, and is actively increasing the proportion of green electricity used [2]. - The company’s subsidiaries, including Baomai and Qinmai, utilize 100% green electricity, with Baomai being the first "carbon-neutral factory" in the global malt industry [2]. - Other subsidiaries are also working to improve their green electricity usage based on their specific circumstances, contributing to the company's goals of "carbon peak and carbon neutrality" [2].

英大证券研究所证券研究报告 金 点 策 略 晨 报 2025 年 12 月 9 日 多重合力助推 A 股上行，但仍存结构性隐忧 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 观点： 总量视角 【A 股大势研判】 上周五沪深三大指数大涨，沪指成功收复 3900 点整数关口。本周一 A 股延 续强势，其中创业板指在科技股引领下一度大涨超过 3%。盘面上看，市场驱动力 主要以 AI 算力为首的硬科技赛道，CPO、光模块概念强势，资金再次追捧人工智 能产业链。两市成交额重返 2 万亿。 周一市场上行，主要有以下几个方面的利好：一是监管层调低保险公司在沪 深 300、中证红利、科创板股票投资风险因子 10%，这一举措有望为 A 股市场带 来千亿级别的增量资金，进一步充实市场流动性（数据来源：第一财经）；二是 拓宽券商资本空间与杠杆上限，有助于提高券商资本利用效率，相当于为行业适 当加杠杆，增强市场交易活跃度和中介服务能力；三是公募基金强化长期业绩导 向，提高跟投比例并根据业绩基准调整薪资，这一制度优化将显著加强管理人与 ...

Core Viewpoint - The ecological environment is crucial for Hainan's survival and development, with a strong emphasis on protecting and enhancing this asset as part of the national strategy for ecological civilization [1][5]. Group 1: Ecological Importance - Hainan's strongest advantage lies in its ecology, which is considered its greatest asset and responsibility [1]. - The province has been designated as a national ecological civilization pilot area, with a long-term goal set for 15 years, highlighting its unique status among similar regions [1]. - The ecological protection and civilization construction in Hainan are integrated into a broader national strategy, indicating a commitment to sustainable development [1]. Group 2: Development Practices - Hainan demonstrates that ecological protection and economic development can coexist, as evidenced by its successful practices in ecological civilization construction [3]. - The province has implemented significant projects, such as the "2+N" flagship projects, focusing on clean energy and sustainable construction practices [4]. - Hainan has pioneered various ecological initiatives, including the establishment of ecological protection red lines and a comprehensive "plastic ban" system [4]. Group 3: Future Goals - Hainan aims to achieve world-leading ecological quality and resource efficiency by 2035, positioning itself as a model for beautiful China [5]. - The province is committed to enhancing its ecological monitoring and response capabilities while promoting green transformation across various sectors [8]. - Hainan's approach to ecological prioritization is framed as an opportunity for growth rather than a limitation, aiming to create a sustainable "green bank" for future generations [9].