Core Viewpoint - Jinmao Service has demonstrated strong operational resilience and high-quality development, achieving significant revenue and profit growth in the first half of 2025, with a revenue of 1.783 billion yuan, a year-on-year increase of 19.6% [1] Financial Performance - Revenue reached 1.783 billion yuan, up 19.6% year-on-year - Gross profit was 402 million yuan, an increase of 9.6% year-on-year - Net profit stood at 184 million yuan, reflecting a 1.9% year-on-year growth [1] Business Growth and Strategy - Core property management business revenue increased to 1.322 billion yuan, a 31.0% year-on-year growth - Non-cyclical business revenue reached 1.637 billion yuan, up 24.5% year-on-year, becoming a new growth engine - 85% of new contracts were signed in deep cultivation cities, with high-capacity cities accounting for 92% of managed area [2] Value Creation and Shareholder Returns - The company announced an interim dividend of 15.3 Hong Kong cents per share, an 82% increase year-on-year, and plans for a 40% interim dividend and a 30% special dividend to celebrate its third anniversary [3] Multi-Industry Collaboration - As of June 30, Jinmao Service operates in 70 cities with 623 projects under management, covering an area of 10.853 million square meters, with third-party projects accounting for 52% - The company has enhanced its service capabilities through a focus on diverse business areas, including public buildings and industrial parks [4] Technological Integration and Sustainability - Jinmao Service has integrated energy operation and property services, enhancing operational efficiency and customer experience - The company has adopted AI and robotics in its operations, achieving dual goals of operational efficiency and quality improvement [5] - The company improved its ESG rating from BBB to AA, ranking 9th in the real estate industry, and has received multiple awards for its sustainability efforts [6]

Group 1 - The company reported a revenue of 392 million yuan for the first half of 2025, representing a year-on-year growth of 97.59% [1] - The net profit attributable to the parent company was -19.84 million yuan, indicating a loss [1] - The basic earnings per share were -0.0491 yuan [1] Group 2 - The growth in the company's industry is attributed to the increasing demand in the natural gas equipment market, driven by the national "dual carbon" strategy [1]

Core Viewpoint - The article discusses the growth and trends in the PVDF lithium battery binder market, highlighting its importance in the lithium-ion battery industry and the expected market dynamics through 2031 [11][14][18]. Group 1: Market Overview - PVDF is the most commonly used binder in lithium-ion batteries, crucial for enhancing the contact between active materials and conductive agents, directly affecting battery capacity, lifespan, and safety [2]. - The global PVDF lithium battery binder market is projected to reach 4.767 billion yuan in 2024 and 12.101 billion yuan by 2031, with a compound annual growth rate (CAGR) of 16.51% from 2025 to 2031 [14]. - China dominates the market, accounting for approximately 78.88% of the global market size in 2024, expected to reach 78.93% by 2031 [16]. Group 2: Production and Consumption - Major producers of PVDF lithium battery binders include Wu Yu, Syensqo, and Arkema, with the first tier of manufacturers holding about 33.24% of the market share in 2024 [17]. - The production method of PVDF binders primarily involves suspension polymerization, which allows for higher resin quality compared to emulsion polymerization [5]. - The market is currently experiencing overcapacity due to rapid expansion in production, leading to increased competition and price pressure [18]. Group 3: Application Segments - The primary applications of PVDF lithium battery binders are in digital batteries, energy storage batteries, and power batteries, with power batteries expected to hold a market share of approximately 74.09% in 2024 [6][10]. - The energy storage sector is gaining attention as a strategic support for the transition of energy structures and the transformation of electricity production and consumption [9]. Group 4: Policy and Industry Trends - The article outlines the Chinese government's policies aimed at promoting high-quality development in the fine chemical industry, which includes the PVDF sector [19]. - The "anti-involution" policy introduced in 2025 aims to curb low-price competition and encourage technological innovation within the lithium battery industry [21][23].

本次项目的高效落地，彰显平安证券在资产证券化领域的专业实力。长期以来，平安证券始终坚守服务实体经济的初心， 深耕金融"五篇大文章"，创新绿色金融模式，持续为客户提供高效率、有温度、有价值、一致化的服务，为基建行业绿色转型 注入金融活水。 （CIS） 作为基建行业绿色转型重要实践，本次ABS发行是中铁四局落实国家绿色发展战略的关键举措。低碳转型挂钩ABS通过绑 定原始权益人转型目标，推动传统行业绿色升级。发行过程中，中铁四局各部门协同关键绩效指标（KPI）遴选、低碳转型目 标设置、证券条款设计、尽职调查、债项评级、发行文件审定等工作，选取"万元营业收入（产值）综合能耗（可比价）"作为 核心KPI，契合"双碳"战略与企业发展目标，直观体现其绿色运营能力的持续提升。 未来，中铁四局将以此次发行为契机，持续依托绿色融资工具，打造基础设施领域、生态环保领域全产业链综合服务商。 通过大力推动绿色建造技术应用，深度参与国家绿色低碳转型重点工程。作为基建行业绿色转型的先行者，中铁四局将勇担央 企使命，引领产业链协同降碳，为实现"天更蓝、地更绿、水更清"的美丽中国愿景注入强劲动力，为金融支持实体经济绿色转 型提供鲜活范例。 8 ...

Core Viewpoint - The hydrogen industry in China is entering a critical development phase, driven by the national "dual carbon" strategy, with green hydrogen being integrated into the energy management system, leading to a diversified market demand and explosive growth potential in the future [1] Group 1: Industry Leadership and Market Position - China has established itself as a leader in the green hydrogen sector, with over 50% of global renewable energy hydrogen production capacity [2] - The application of hydrogen in China's industrial system is primarily focused on chemical fields such as methanol synthesis, ammonia synthesis, refining, and coal chemical processes [2] - A demonstration project in Inner Mongolia has successfully integrated green hydrogen into industrial natural gas, achieving a maximum blending ratio of 20% and an annual blending scale of 2,000 tons [2] Group 2: Cost Reduction and Market Demand - The cost of green hydrogen is expected to significantly decrease, with projections indicating that it could reach 12 yuan per kilogram in Baotou within a few years, leading to explosive market demand [3] - The sustainable aviation fuel (SAF) sector is anticipated to be a major area for green hydrogen consumption, with expected demand reaching 61,000 tons by 2027 [3] Group 3: Future Demand Projections - By 2050, the demand for green hydrogen in the chemical sector is projected to reach approximately 20 million tons per year, with additional significant demand in metallurgy and energy applications [4] - The demand for hydrogen or hydrogen-based green fuels in various transportation modes is also expected to be substantial [4] Group 4: Innovation and Technological Development - Innovation is crucial for the healthy development of the green hydrogen industry, focusing on material innovation and optimizing key component costs [5] - Support for advanced technologies such as high-flexibility electrolysis and photolysis for hydrogen production is essential to improve efficiency and economic viability [5] - Baotou is positioned to become a global hub for hydrogen technology output, with comprehensive technological reserves from hydrogen production to utilization [5] Group 5: Policy and Strategic Support - The National Energy Administration is committed to strengthening policy guidance, promoting scientific layout of hydrogen projects, and ensuring coordinated development across the hydrogen value chain [6] - Emphasis will be placed on technological innovation, expanding application scenarios, and enhancing industry standards and management systems to support the hydrogen industry [6]

硬梁包水电站机组的全容量投产发电，扩大了公司清洁能源装机规模，有利于提升市场占有率和竞争 力，对保障区域能源安全和电力稳定供应，助力实现国家"双碳"战略目标，调整能源结构，推动民族地 区经济社会发展具有重要意义。 格隆汇8月26日丨华能水电(600025.SH)公布，公司所属硬梁包水电站1号、2 号机组同时通过 72 小时试 运行投入商业运行，至此硬梁包水电站5 台机组实现全容量投产发电。硬梁包水电站总装机容量 111.6 万千瓦，设计多年平均发电量 51.81 亿千瓦时，相当于每年节约标准煤 155.4 万吨，减少二氧化碳排放 407.1 万吨。 ...

展览展示再优化。今年展馆整体布局更优化合理、投资主题更鲜明突出。展览展示将聚焦产业前沿，设 置新质生产力、专精特新企业国际合作等展区，打造智能机器人展演区、低空飞行模拟区等互动空间， 目前已有140余家相关领域企业确认参展。聚焦闽台合作，设置两岸融合发展专区，包括中心展区、台 企展区和路演推介区，集中展示两岸经贸合作的成果以及台企新技术新产品。聚焦绿色办展，践行"双 碳"战略，开展"零碳投洽"活动，全面使用绿色电力，鼓励搭建绿色节能创意展台，致力打造绿色低碳 展会。 央视网消息：国务院新闻办公室于8月26日举行新闻发布会，介绍第二十五届中国国际投资贸易洽 谈会有关情况。 福建省副省长王金福表示，今年是投洽会举办第二十五届的重要节点，福建将从"三个优化"着手，做好 筹备和综合保障工作，全力以赴把投洽会办得更精彩、更富成效。 保障服务再优化。在坚持绿色节俭、便捷高效办会的同时，全面提升接待、食宿、交通、安保等综合保 障水平，把服务工作做得更精细；设立外币兑换服务点、增设离境退税"即买即退"门店，支持境外银行 卡刷卡支付等措施，为境外嘉宾参会创造更多便利；主动对接参展参会嘉宾客商个性化需求，让服务更 精准、更有温度 ...

Group 1 - China Nuclear Industry Zhongyuan Construction Co., Ltd. and Beijing Jianglai Energy Management Co., Ltd. signed a strategic cooperation agreement focusing on comprehensive energy projects in the Beijing-Tianjin-Hebei and Northwest regions, aiming for regional green transformation and low-carbon development [1][3] - China Nuclear Industry Zhongyuan Construction is recognized for its strong technical capabilities and management skills in nuclear power and large-scale projects, actively expanding its presence in the renewable energy sector [3] - Jianglai Energy specializes in load-side energy aggregation management, providing comprehensive energy solutions throughout the entire lifecycle, emphasizing technological innovation to support energy transition and reduce costs for enterprises [4] Group 2 - The collaboration aims to leverage both companies' strengths in engineering construction and digital energy management technology to develop green factories, supply chains, and zero-carbon demonstration projects [3] - By the end of 2025, the partners plan to complete feasibility studies and project preparations for their first large-scale independent energy storage project, laying a solid foundation for future large-scale development [3] - Jianglai Energy has established partnerships with several leading enterprises to promote technological and model innovation, contributing to China's green low-carbon transition and modern energy system [4]

Group 1 - The "Two New" policy has been strengthened this year, with Tianjin's financial sector actively engaging in the "new and old kinetic energy conversion" wave, providing comprehensive support for consumer upgrades, enterprise technology upgrades, and regional green transformation [1] - Industrial Bank's Tianjin branch has launched the "Xing Flash Loan" service targeting high-frequency consumption scenarios such as home appliances and digital products, in response to the "new consumption" policy, offering flexible service models to lower consumption credit thresholds [1] - The bank provides up to 300 yuan in consumption discounts to stimulate demand for new replacements in 3C digital and smart home appliances [1] Group 2 - In the technology finance sector, Industrial Bank's Tianjin branch has introduced specialized innovative products to lower financing barriers for technology-based enterprises through methods like intellectual property pledges and R&D investment subsidies [3] - The bank's "financial + scenario" service model aims to accelerate technology transformation and promote industrial chain upgrades in advanced manufacturing and new energy sectors [3] Group 3 - The Tianjin branch has provided customized financing support for a computing power project, focusing on energy-efficient design and intelligent energy scheduling, contributing to the region's digital economy and green infrastructure [5] - The bank has also launched Tianjin's first sustainable development loan for ride-hailing companies to support the purchase of new energy vehicles, promoting low-carbon transformation in the transportation sector [5] - Industrial Bank's Tianjin branch is building a green finance ecosystem through support for clean energy and green building sectors, aligning with the "dual carbon" strategy [5]

转自：新华财经 8月21日，国网天津电力牵头完成的"配网继电保护适用边界评估研究与应用"成果通过国网公司专家组论证。该成果攻克了高比例新能源接入配电网的保护 适用性评估难题，有效降低继电保护误动风险，提升电网故障快速响应能力。 由国家电力调控中心、华北电力大学、中国电科院、相关省级调控中心等单位12位专家组成的专家组听取了国网天津电力在配网新能源建模、短路计算、定 值校核、边界评估等方面的成果汇报，观看了整定计算系统功能演示。经过质询和讨论，专家一致认为，该成果攻克了高比例新能源接入配电网的保护适用 性评估难题，研究成果正确可行、通用性好、实用性强，对完善有源配电网继电保护技术体系，提升配电网保护对新型并网主体适应能力具有重要意义，具 备广泛应用条件。 "分布式新能源大量接入对配电网保护产生深远影响，国网天津电力前期做了大量研究工作，对于认清配电网继电保护边界在哪、超越边界怎么办提出了解 决方案。"国家电力调控中心保护处处长吕鹏飞说。 "双碳"战略背景下，新能源大规模接入成为配电网的变革性发展方向，电网结构和故障特征发生深刻变化，继电保护整定计算面临短路电流快速计算难、保 护适用边界精准评估难两大技术难点。在 ...