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].

另一方面，在高技术中间品领域，中国集成电路进口额达2.1万亿元，同比增长18%；芯片、航空航 天、汽车零部件等采购额均保持两位数增速，为韩国、日本、德国、美国等地的高端制造业提供了关键 需求与预期支撑。此外，随着"双碳"项目扎实推进，前三季度液化天然气、光伏组件制造设备、电池级 锂矿进口分别增长21%、34%、47%，来自挪威、智利、澳大利亚等国的企业切实分享了中国绿色转型 带来的市场红利。 当前，全球贸易保护主义思潮难以平息，一些西方国家屡屡展现自己在经贸事务上的双重标准。与西方 媒体的自我标榜形成鲜明对比的是，西方一些国家迭起波澜，不断加码贸易保护措施。荷兰政府以所 谓"国家安全"为名，运用行政手段直接干预商业并购，强行夺取安世半导体中国母公司闻泰科技在该国 子公司股权的行为，便是将经贸问题泛安全化、滥用国家力量破坏市场规则的典型案例。然而，经济全 球化本质是共赢的"正和之路"。妄自给中国贴上"以邻为壑"的标签，既罔顾事实，也与外国企业扎堆来 中国的选择相悖。今年以来，特斯拉上海超级工厂迎来第100万辆整车下线，苹果宣布追加在华研发投 资30亿元，空客天津第二条总装线正式开工……这些实实在在的项目，正是对 ...

Group 1 - The core objective is to accelerate the construction of "waste-free cities" and achieve "dual carbon" goals by implementing national policies on fly ash resource utilization and zero landfill disposal [1][3] - Nantong City is actively introducing national-level specialized "little giant" enterprises, such as Le'er Intelligent Company, to promote fly ash resource disposal application projects and production of resource disposal equipment [1][3] - The project has received a hazardous waste operation license, marking a significant step in the resource utilization of fly ash [1][3] Group 2 - The project is divided into two phases, with the first phase already operational, involving a total investment of 160 million yuan, utilizing low-temperature pyrolysis technology [6] - The project significantly reduces the dioxin content in treated fly ash, which is well below national standards, and aims to further develop high-temperature melting technology in the second phase [6] - Once fully operational, the project will have an annual processing capacity of 60,000 tons of fly ash, converting it into A1-grade fireproof rock wool, new environmentally friendly building materials, and potassium chloride, saving 25 acres of land annually [6]

新一代煤电技术的"东方引擎" 东方汽轮机依托全国重点实验室的深厚技术储备，全面部署应用针对性技术方案。通过深化应用第五代通流技术，优化高温部件结构、应用 新型防护涂层、开发智能协同控制逻辑等，提升机组的快速响应能力、调峰深度与运行寿命，全面满足高效灵活调节的示范要求。 东方锅炉依托先进的OPCC对冲旋流燃烧、超低负荷转直流水动力等核心技术，已实现在役机组无助燃、水冷壁转直流的调峰最低负荷 18%~20%。创新研发出耦合预燃室的强稳燃旋流燃烧系统、协同汽水系统提质的超低负荷水冷壁安全体系、低应力柔性本体结构和智慧协调 控制技术，构建了新一代煤电锅炉技术，可实现无辅助15%超低调峰负荷、4%调峰速率。 东方自控聚焦清洁降碳、安全可控、高效调节与智能运行等核心指标，深度融合控制技术与装备本体，打造面向新一代煤电机组的智能控制 系统与服务，助力机组深度调峰"低得下去"、快速响应"快得起来"，全面提升电厂的经济运行效益。 本次论坛是东方电气集团深入学习贯彻党的二十届四中全会精神、践行"十五五"能源体系建设的务实举措，将进一步推动产业链上下游企业 凝聚共识、协同创新，为构建新型能源体系锻造坚实可靠的"东方引擎"。 12月 ...

Core Viewpoint - The dual carbon industry is positioned as a strategic emerging industry aimed at achieving carbon peak and carbon neutrality, encompassing a range of economic activities, technological research, industrial manufacturing, and service provision to build a green low-carbon circular economy [1][12]. Industry Development History - The industry has evolved through various stages, transitioning from pilot projects to comprehensive efforts in carbon reduction [92]. Industry Chain Analysis Upstream - Resources, Materials, and Core Equipment - The upstream sector includes critical mineral resources such as lithium, cobalt, nickel, rare earths, and silicon materials, which are essential for production equipment and software. This sector is capital and technology-intensive, directly influencing cost control and technological advancement in the midstream manufacturing sector. China has significant advantages in photovoltaic silicon materials and rare earth permanent magnets, but still faces risks in high-end chips and precision instruments [3][95]. Midstream - Manufacturing, Integration, and Services - The midstream sector is the core of the industry chain, covering the manufacturing of photovoltaic modules, wind turbines, energy storage systems, and various digital solutions. Chinese companies have established a global advantage in this area, particularly in photovoltaic modules and power batteries. The trend is shifting from providing single devices to integrated solutions that combine wind, solar, storage, and hydrogen [4][96]. Downstream - Application and Operation - The downstream sector includes renewable energy power station operations, grid companies, and high-energy-consuming industries such as steel, chemicals, and cement. The demand from these sectors, driven by transformation needs and compliance pressures, is a fundamental driver of industry growth. The EU's Carbon Border Adjustment Mechanism (CBAM) is pushing Chinese export-oriented companies to procure green electricity and implement energy-saving modifications, creating substantial market demand [5][96]. Major Industry Development Trends - AI and digital technologies will deeply empower the industry, driving an intelligent revolution. AI will be integrated into various applications, including power forecasting and carbon management, transforming digitalization from a supportive tool to a core element of productivity and business model reconstruction [6][97]. - The construction of new energy systems will accelerate, shifting focus from single-point breakthroughs to system collaboration, emphasizing large-scale energy storage and smart grids [7][98]. - The decarbonization process in high-carbon industries such as steel and cement will accelerate, supported by technological innovation and financial tools [8][99]. - The carbon market will mature and become a core regulatory tool, with innovations in green financial products [9][100]. - International competition over green standards will intensify, with Chinese companies leveraging their full industry chain advantages to participate in global green supply chain restructuring [10][102].

Core Viewpoint - The December Central Political Bureau meeting emphasizes the importance of maintaining a stable yet progressive approach to economic work in 2026, focusing on expanding domestic demand and optimizing supply to enhance resource allocation efficiency [1][6][21]. Economic Goals and Policy Framework - The meeting highlights the need to continue expanding domestic demand and optimizing supply, aiming for both qualitative and quantitative growth in the economy during the "14th Five-Year Plan" period [1][21]. - The overall policy framework for 2026 will maintain a proactive stance, with a focus on enhancing the quality and effectiveness of development, alongside a more active fiscal policy and moderately loose monetary policy [2][8][22]. Industry Policy Deployment - The meeting outlines a clear path for industry planning in 2026, prioritizing domestic demand and innovation, which will benefit sectors such as consumer goods, AI, digital economy, and new energy [3][10][24]. - Emphasis is placed on reform, opening up, and coordinated development to enhance high-quality growth, benefiting state-owned enterprises and infrastructure-related sectors [3][10][24]. Implications for A-Share Investment - The meeting provides initial guidance for economic work in 2026, focusing on domestic demand, innovation, and reform, which is expected to stabilize market expectations and boost confidence in the A-share market [4][17][26]. - Upcoming central economic work meetings are anticipated to detail specific fiscal, monetary, and industrial measures, further activating market vitality [4][17][26]. Investment Focus Areas - The current policy window indicates a clearer structural focus for 2026, with attention on new productive forces such as AI, renewable energy, and quantum technology, alongside recovery paths for manufacturing and resource sectors [12][26]. - The consumer sector is expected to see a favorable investment environment due to policies aimed at boosting domestic demand, while the trend of companies expanding overseas will enhance profit potential [12][26].

核心观点 分析师 杨超 ：010-80927696 ：yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 王雪莹 策略研究 · 策略点评 12 月中央政治局会议对投资的启示 2025 年 12 月 08 日 ：wangxueying_yj@chinastock.com.cn 分析师登记编码：S0130525060003 周美丽 ：zhoumeili_yj@chinastock.com.cn 分析师登记编码：S0130525070002 孔玥 ：kongyue_yj@chinastock.com.cn 分析师登记编码：S0130525100001 相关研究 2025-11-22，变局蕴机遇，聚势盈未来——2026 年 A 股市场投资展望 2025-11-06，A 股三季报业绩有哪些看点？ 2025-10-30，公募基金三季度持仓有哪些看点？ 2025-10-30，2025 年 11 月投资组合报告："十五 五"新蓝图与市场新机遇 2025-10-29，变局蕴机遇，驶向新蓝海——《"十五 五"规划建议》解码 A 股投资全景图 2025-10-22，布局消费主题 ...

Core Insights - The Capital Airport Economic Zone has attracted 626 enterprises from January to October this year, with 250 companies in scientific research and technical services, accounting for 40% of the total [1][3]. Group 1: Company Developments - Beijing Southern Snecma Turbine Technology Co., Ltd. established in the economic zone in August 2025, focuses on the design and development of turbine components for civil turboprop engines, utilizing 3D printing technology to enhance precision and reliability [3]. - Zhongrui Heng (Beijing) Technology Co., Ltd., a national-level specialized "little giant" enterprise, settled in the economic zone in October, aiming to explore advanced energy data services and carbon asset management under the "dual carbon" policy [3][4]. Group 2: Economic Zone Features - The economic zone offers a convenient transportation network and a favorable environment for high-end talent, which is conducive to business development [3]. - The zone has 270 national high-tech enterprises, 12 national specialized "little giant" enterprises, and 103 specialized and innovative small and medium-sized enterprises in Beijing [4]. Group 3: Support and Services - The park management committee provides comprehensive support for enterprises, including policy interpretation and industry positioning, enhancing the business environment [4]. - Companies are encouraged to increase R&D investment and participate in the construction of regional smart energy systems, contributing to high-quality economic development [4].

Core Viewpoint - The article emphasizes the importance of enhancing domestic consumption and stabilizing foreign trade as key priorities for Shenzhen's economic strategy, with a focus on financial support to achieve these goals [1][2]. Group 1: Foreign Trade Support - Shenzhen has maintained its position as a leading city in foreign trade for 32 consecutive years, with significant growth in "Shenzhen Intelligent Manufacturing" in international markets [1]. - In the first ten months of 2025, Shenzhen's banks issued new loans to foreign trade enterprises amounting to 76.36 billion yuan, a year-on-year increase of 9.83% [1]. - Shenzhen Construction Bank (Shenzhen CCB) has implemented a comprehensive service plan combining domestic and foreign trade insurance to support local enterprises, facilitating 1.5 billion yuan in financing for a key renewable energy company [3]. Group 2: Financial Services and Innovations - Shenzhen CCB has provided international settlement services worth 106 billion USD, a 16% increase year-on-year, and trade financing support of 34.3 billion yuan, up 44% [3]. - The bank has expanded its policy pilot programs, serving 128 quality enterprises with nearly 30,000 transactions in trade foreign exchange services, reflecting a growth of over 12% in the number of served enterprises [4]. - The application of financial technology has improved cross-border payment experiences, reducing transaction times significantly for businesses [4]. Group 3: Consumer Support Initiatives - Shenzhen's retail sales have exceeded one trillion yuan for two consecutive years, with a loan balance in the service sector reaching 207.99 billion yuan, a year-on-year increase of 2.04% [7]. - Shenzhen CCB has launched five measures to promote consumer spending, including targeted credit card installment services that have provided over 5 billion yuan in financing, particularly in the green automotive sector [9]. - The bank has also optimized personal consumption loan policies, reducing average interest rates by over 30 basis points and serving over 400,000 customers with loan support exceeding 30 billion yuan, a 21% increase [10].

问 3：请介绍公司未来除了将在手能源指标资产化项目化， 是否还有对外并购规划。 证券代码：002480 证券简称：新筑股份 成都市新筑路桥机械股份有限公司 投资者关系活动记录表 编号：2025-007 投 资 者关 系 活 动类别 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 （请文字说明其他活动内容） 活动参与人员 公司参与人员：董事会秘书陈思遥、首席合规官贾珺； 四川蜀道清洁能源集团有限公司：总工程师孙周； 参与机构：国新控股（四川）有限公司、国新盛康私募基金管 理（北京）有限公司 时间 2025 年 12 月 4 日（星期四）下午 3:00-5:00 地点 蜀道清洁能源集团 240 会议室 形式 现场交流 交 流 内容 及 具 体问答记录 一、基本情况介绍 成都市新筑路桥机械股份有限公司（以下简称"新筑股份 或公司"）副总经理、董事会秘书陈思遥简要介绍了公司历史 沿革、产业现状和本次重组背景，同时介绍了控股股东蜀道集 团三大主业板块（含清洁能源板块）、发展规划和产业协同。 二、问答环节 问 1：新筑股份本次重大资产重组完成后，对公司营收 ...