// 今日关注 // 3、比亚迪回应山东经销商爆雷：盲目扩张并加杠杆运营导致 4、日本央行所持债券浮亏创新高，退出非常规货币宽松之路面临挑战 5、日本推出首部AI专门法，旨在防止滥用风险 6、三星提前停产MLC NAND引发抢货潮 // 宏观预警 // 1、张国清：构建平台经济良好生态，维护公平有序市场环境 国务院副总理张国清27日至28日在上海市调研促进平台经济健康发展和市场监管有关工作。他强调，要 全面强化市场监管领域治理能力，推动构建平台经济良好生态，维护公平有序市场环境。要遵循公开公 平原则制定平台规则，保障商户合法自主经营权，坚决遏制劣质低价等恶性竞争；坚持平台算法向上向 善，优化订单分配、即时配送等算法，保护各方正当权益；明晰平台收费标准，在确保收费合理透明的 同时，积极采取措施降低商户负担；规范直播电商行为，严格直播间运营者、电商主播资质管理，对恶 意比价、虚假宣传、刷单炒作等违法违规行为及时采取限流、停播、封号、纳入黑名单等措施，重拳整 治各种乱象。 2、财政部：1-4月国有企业利润总额同比下降1.7% 1、张国清：构建平台经济良好生态，维护公平有序市场环境 2、农行启动代销公募基金风险等级动 ...

Core Viewpoint - The national carbon emission trading market (CEA) has seen a continuous decline in prices, with the latest price at 68.46 yuan/ton, marking a 35.54% drop since reaching a peak of 106.2 yuan/ton in November last year [1][2][3]. Market Dynamics - The CEA price drop is attributed to a supply-demand imbalance and the digestion of policy expectations, with the market currently favoring sellers who lack trading enthusiasm, leading to decreased trading volumes [3][4]. - The trading volume in the national carbon market has been notably low, with 14 trading days this year recording zero transactions, which is unusual compared to previous years [2][3]. Policy and Market Expectations - The market's price fluctuations are closely linked to the compliance period, typically resulting in lower demand and prices post-compliance [3]. - The introduction of the "Interim Regulations on Carbon Emission Trading" and calls for market expansion have initially raised price expectations, but these have since been tempered as market expectations are realized [3][9]. Market Expansion - The national carbon market expanded in March, including industries such as steel, cement, and aluminum, which is expected to add 1,500 key emission units, covering over 60% of national CO2 emissions [3][9]. - Despite the expansion, there has been no corresponding increase in trading volume or market activity, leading to discussions about the potential need for financial institutions to participate in trading [3][4]. CCER vs. CEA Pricing - The price of CCER (China Certified Emission Reduction) has remained stable at 85 yuan/ton, approximately 24% higher than CEA prices, leading to a price inversion [7][9]. - The demand for CCER is driven by both mandatory reduction requirements and voluntary purchases for corporate social responsibility, resulting in a more stable price compared to CEA [9][10]. Future Outlook - The current price inversion between CCER and CEA is deemed unsustainable, as prolonged discrepancies may reduce demand for CEA [9][10]. - The differing market mechanisms of CEA (mandatory reduction) and CCER (voluntary reduction) suggest that fluctuations in one market will not necessarily stabilize the other [10].

Core Viewpoint - The establishment of a carbon-inclusive market is essential to address the structural gap in China's carbon market, which currently focuses on production-side emissions reduction while neglecting the consumption-side [1] Group 1: Carbon Inclusive Market Overview - The carbon-inclusive market targets individuals, families, communities, and small enterprises, effectively activating the significant emissions reduction potential on the consumption side [1] - It employs a voluntary participation model based on "behavior-quantification-incentive," transforming everyday low-carbon actions into standardized carbon reduction metrics with economic value [1][2] Group 2: Public Engagement and Behavioral Change - The carbon-inclusive market aims to bridge the "willingness-behavior" gap by quantifying and visualizing low-carbon actions, making emissions reductions measurable and traceable [2] - Diverse incentive measures are implemented to motivate public participation, integrating economic value, social recognition, and service benefits tailored to different demographics [2][3] Group 3: Institutional Channels for Public Participation - The market provides institutional channels for public involvement in environmental governance, creating a positive feedback loop of "public behavior-market signal-policy adjustment" [3] - It addresses data silos through a government-led public platform that connects multi-source data, simplifying public participation in emissions reduction [3] Group 4: Support for Small and Medium Enterprises (SMEs) - The carbon-inclusive market lowers participation barriers for SMEs, which often struggle to engage in existing carbon markets due to their size and capabilities [4] - It opens up diversified revenue channels for SMEs, allowing them to earn from emissions trading and benefit from policy incentives like government green procurement [4][5] Group 5: Policy Recommendations and Implementation Path - Systematic institutional and strategic support is necessary for building a robust carbon-inclusive market, including top-level design and regulatory frameworks [6] - Technological infrastructure should be developed using big data, blockchain, and IoT to create a unified carbon-inclusive platform for data integration [6][7] - A multi-faceted incentive mechanism is recommended, combining economic, policy, and social incentives to enhance participation effectiveness [6][7] Group 6: Regional Collaboration and Capacity Building - Regional collaboration should follow a "pilot first, gradient promotion, regional linkage" principle, focusing on areas like Beijing-Tianjin-Hebei and the Yangtze River Delta [7] - Capacity-building initiatives are essential to enhance government oversight, corporate emissions management, and public engagement [7]

天眼查App显示，近日，亚雷格迅降碳（珠海）科技有限公司成立，法定代表人为李满山，注册资本 9615万人民币，亚雷探索科技（深圳）有限责任公司、珠海市格迅机电设备有限公司、广东格迅降碳科 技有限公司等持股。 序号股东名称持股比例1亚雷探索科技（深圳）有限责任公司52%2珠海市格迅机电设备有限公司16%3 广东格迅降碳科技有限公司16%4珠海市威望节能科技有限公司16% 经营范围含人工智能基础软件开发；风电场相关系统研发；技术服务、技术开发、技术咨询、技术交 流、技术转让、技术推广；科技中介服务；物联网技术研发；采矿行业高效节能技术研发；电力行业高 效节能技术研发；电机及其控制系统研发；家用电器研发；余热发电关键技术研发；风力发电技术服 务；合同能源管理；在线能源计量技术研发；在线能源监测技术研发；工程管理服务；新兴能源技术研 发；节能管理服务；碳减排、碳转化、碳捕捉、碳封存技术研发；机电耦合系统研发；信息系统集成服 务；人工智能应用软件开发；安全技术防范系统设计施工服务；物联网技术服务；人工智能基础资源与 技术平台；工业工程设计服务；新材料技术推广服务；信息技术咨询服务；信息咨询服务（不含许可类 信息咨询服务 ...

Company Overview - Zhongke Yitan New Energy Technology (Heilongjiang) Co., Ltd. has been established with a registered capital of 5 million RMB [1] - The legal representative of the company is Lei Tianping [1] - The company is co-owned by Zhongke Yitan Energy Technology (Dalian) Co., Ltd. (41% stake) and Heilongjiang Huichuancheng New Energy Technology Co., Ltd. (39% stake) [1] Business Scope - The company focuses on emerging energy technology research and development, including carbon reduction, carbon conversion, carbon capture, and carbon storage technology [1] - It also provides technical services, development, consulting, and promotion related to new materials and solar energy technology [1] - The sales activities include various energy-related equipment and components, such as solar thermal power products and industrial automation control systems [1] Industry Context - The company operates within the scientific research and technical service industry, specifically in engineering and technology research and development [1] - The establishment of this company aligns with the growing emphasis on renewable energy and carbon management technologies in the current market [1]

Group 1: Financial Performance - In 2024, the revenue from the system device business increased by 85%, but installation and debugging costs accounted for over 25% of the revenue [4] - The revenue from the life sciences sector reached 5.68 billion yuan, with a growth rate of 28% [14] - The revenue from the water treatment and ultrapure water business grew by 20%, with a total revenue of 6.88 billion yuan [7] Group 2: Operational Efficiency - The inventory turnover days extended to 180 days due to increased stock of system devices [4] - The company aims to reduce work-in-progress inventory by 25% through digital twin technology optimization [4] - The company achieved a 5-fold increase in inspection efficiency by replacing manual visual inspection with AI visual detection [3] Group 3: Market Expansion and Strategy - In 2024, overseas revenue accounted for 38% of total revenue, amounting to 6.55 billion yuan [10] - The company plans to enhance market development efficiency through the release of industry solution white papers covering six major fields [5] - The life sciences sector's revenue share increased to 29%, with a focus on new product development in peptide synthesis [5] Group 4: Research and Development - The R&D investment intensity reached 9.8%, but the patent implementation rate was below 45% [9] - The company holds 66 domestic and 13 foreign authorized patents, with 74 domestic and 103 foreign patents in the application stage [9] - The company is focusing on developing new types of polyethylene glycol carriers to increase drug loading capacity by 20% [5] Group 5: Supply Chain and Risk Management - The company reported no supply chain security challenges, with most raw materials already localized [12] - The accounts receivable turnover days extended to 125 days, with 65% of accounts receivable from system device projects [10] - The company is exploring credit insurance to cover 80% of accounts receivable to improve cash flow [10]

Core Viewpoint - The financial institutions in Foshan are actively promoting green finance, with a significant increase in green loan balances and innovative financial products aimed at supporting low-carbon transitions in traditional industries and fostering new green industries [1][2]. Group 1: Green Loan Growth - As of March 2025, the green loan balance in Foshan reached 246.56 billion yuan, representing a year-on-year growth of 25.5% and a growth of 15.7% since the beginning of the year [1]. - Since 2024, Foshan's financial institutions have processed 1.03 billion yuan in green bill rediscounts, supporting traditional industries like building materials and textiles in their low-carbon transitions [1]. Group 2: Innovative Financial Products - Foshan's financial institutions have diversified their green finance offerings, introducing products such as energy revenue rights pledge loans, photovoltaic loans, green transformation upgrade loans, and carbon reduction-linked loans [2]. - The Bank of Communications Foshan Branch has implemented a sustainable development-linked loan scheme, allowing a ceramic company to reduce its loan interest rate by 10 basis points upon meeting specific carbon emission targets [2]. Group 3: Carbon Reduction Initiatives - Foshan's banks have issued 1.61 billion yuan in loans for emerging green projects, including distributed photovoltaics and clean energy generation, which are expected to reduce carbon dioxide emissions by 337,000 tons [1]. - The local financial institutions have signed credit agreements totaling 170 million yuan with ceramic industry associations and enterprises to support their green transformation [2]. Group 4: International Green Trade Support - Foshan has initiated a pilot program for mutual recognition of carbon labels between Guangdong and Hong Kong, providing comprehensive financial services for enterprises in carbon footprint accounting and energy-saving technology development [3]. - This initiative has helped local companies enhance their green product attributes and improve international market recognition, breaking down barriers to green trade [3].

Core Insights - The initiative in Wuhan allows citizens to use their carbon reduction credits to offset loan interest, promoting individual participation in carbon reduction efforts [1][2] - The "Wutan Jianghu" platform has established over 1.5 million personal carbon accounts, encouraging low-carbon behaviors through various rewards [1][2] - The program aims to create a sustainable mechanism for carbon reduction, enhancing public awareness and engagement in green practices [1][2][3] Group 1 - The case of Ms. Wei demonstrates a practical approach to incentivizing carbon reduction through tangible benefits [1] - The "Wutan Jianghu" platform launched in June 2023, records low-carbon activities and allows citizens to exchange carbon credits for rewards [1][2] - The initiative has the potential to evolve into a lifestyle change, promoting a healthy and fashionable way of living [1] Group 2 - The program's success relies on enhancing public perception of the benefits of carbon reduction, with various redemption options available [2] - Other regions in China are also implementing similar carbon welfare programs, indicating a growing trend [2] - The collaboration between the "Wutan Jianghu" platform and banks allows citizens to directly reduce loan interest through accumulated carbon credits [2] Group 3 - The push for green consumption is seen as essential for stimulating overall economic activity [3] - Suggestions from the public highlight the potential for expanding carbon welfare benefits to other activities, such as exercise [3] - The initiative reflects a broader commitment to sustainable urban development and citizen engagement in environmental governance [3]

今年第一季度中国的电力行业碳排放量下降5.8%，抵消了金属和化工行业煤炭消耗增加的排放 量。 就在美国政府推动开采化石燃料并退出各种多边气候协议之际，中国一直寻求将自身定位为应对气 候变化的领军者。尽管中国的可再生能源行业蓬勃发展，但煤炭仍然是中国能源结构的重要组成部分。 能源与清洁空气研究中心和美国非营利组织"全球能源监测"2月发布的报告显示，2024年中国开工建设 的煤电项目装机容量达到94.5吉瓦，占全球同类项目装机总量的93%。不过，预计其中大部分都将被用 作备用电源。中国发布的今年第一季度的数据显示，中国风电和光伏发电装机容量首次超过火电装机容 量。（丁雨晴译） 法新社5月15日文章，原题：尽管电力需求上升，但中国仍在今年第一季度实现碳排放量下降 一家 智库15日发布的分析报告显示，尽管中国的电力需求迅速增长，但国内可再生能源发电装机容量的激增 使中国在今年第一季度实现碳排放量下降，这也成为中国能源转型的一座重要里程碑。 中国力争2030年前实现碳达峰，2060年前实现碳中和。根据去年发表的研究，中国在可再生能源领 域投入了大量资金，建设的风电和光伏发电装机容量几乎相当于其他所有国家总和的两倍。 芬 ...

Core Viewpoint - Asia is at a critical juncture in its energy transition, facing significant climate risks due to high reliance on fossil fuels while balancing energy security and green transformation [1] Group 1: China's Energy Transition - China remains the world's largest carbon emitter but has been recognized for its "green miracle," becoming the largest supplier and user of renewable energy equipment [1] - In 2024, solar and wind energy will account for over 80% of China's new installed capacity, bringing the total share of renewable energy to 42%, marking a historic closeness to fossil fuel capacity [1] - China aims to become the largest nuclear power market globally by 2030, leveraging its established nuclear supply chain [1][2] Group 2: India's Energy Strategy - India's energy strategy mirrors China's, investing heavily in renewable energy and nuclear power while also expanding coal usage [2] - The renewable energy sector in India has seen significant growth over the past decade, but challenges such as insufficient grid investment must be addressed to achieve the ambitious target of 500 GW of renewable energy by 2030 [2] - The Indian government has increased the transmission budget by 25% in the 2024-2025 fiscal year to support this integration [2] Group 3: Japan's Nuclear and Renewable Energy Approach - Japan's energy strategy is shaped by its historical context, particularly the Fukushima disaster, leading to a focus on restarting existing nuclear reactors [4] - By 2040, Japan aims to stabilize the share of nuclear energy in its energy mix while increasing renewable energy supply from 36%-38% in 2030 to 40%-50% [4] - Enhancing grid infrastructure is crucial for Japan to support its data center expansion and effectively integrate renewable energy [4] Group 4: South Korea's Energy Policy - South Korea's energy structure is relatively balanced, with one-third of its electricity coming from nuclear energy, and it has established a path for LNG, nuclear, and renewable energy collaboration [5] - The energy policy in South Korea is influenced by political dynamics, with nuclear and renewable energy often being contentious issues [5] Group 5: Regional Challenges and Innovations - The diverse challenges faced by Asian countries highlight the complexity and urgency of addressing climate risks while pursuing energy transitions [6] - Establishing high-quality, standardized local sustainable finance classification systems is essential for guiding investments towards green energy transitions [6] - Notable innovations include Singapore's launch of the world's first national transition classification standard in 2023 and Indonesia's subsequent efforts in 2024 [6]