Core Insights - The article discusses the upcoming 2026 Innovation Conference on Metal Organic Framework Materials (MOFs) scheduled for January 10, 2026, in Ningbo, Zhejiang, highlighting the significance of MOFs in addressing resource issues and climate challenges, especially after the Nobel Prize recognition in 2025 [3][4]. Conference Information - The conference will feature a total of 200 participants and is organized by Flink Qiming Supply Chain, with support from the National Key Laboratory of Marine Key Materials and Ningbo Qiming Supply Chain Information Technology Co., Ltd [7]. - The agenda includes registration on January 9, 2026, and various forum reports on January 10, covering advanced synthesis, carbon neutrality applications, and interdisciplinary applications of MOFs [6][8]. Conference Topics - **Topic 1: Advanced Synthesis and Characterization of MOFs** [9] - **Topic 2: MOFs Design and Applications for Carbon Neutrality** [10] - **Topic 3: Interdisciplinary Fusion and Cutting-edge Applications of MOFs** [11] Call for Posters - The conference encourages experts and scholars to submit posters for technical exchange, with specific dimensions suggested for the posters [13]. Registration Fees - The registration fee varies based on the timing of registration, with early bird rates available until December 10, 2025. Regular fees apply thereafter, with discounts for groups and students [15].

2025 年 12 月 12 日 ︱证券研究部 叶海燕, CFA, CESGA 电话: +852 2533 3723 电邮: evayip@sbichinacapital.com 储能行业专题报告 储能风光无限，把握行业高景气 核心观点 全球能源转型加速、风光装机大幅增加令电网消纳压力攀升、储能经济性逐 步凸显、海内外支持政策频出，以及人工智能数据中心（AIDC）等新兴领域 崛起等多重驱动因素的共振之下，储能作为支撑构建新型电力系统的关键技 术，需求持续提升，而这一增长趋势有望在未来持续。据 EESA 统计，2019- 2023 年全球新型储能市场平均增速为 93%，2024 年全球储能新增装机约 188.5GWh，同比增长 80%，继续保持较高增速。EESA 预计 2025 年全球 储能市场新增装机将达到 265.1GWh，同比增长 41%。 碳中和承诺加速新能源的发展。"双碳"目标的大背景下，新型储能 2020 年 正式进入商业化阶段，其中以锂电池储能为代表的电化学储能迎来高速增长。 2026 年储能市场或延续高速增长态势。核心的驱动因素包括：（1）能源结 构向低碳转型，全球范围内可再生能源发电占比不断上 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][10]. Core Insights - The company is a clean energy equipment platform under CIMC, focusing on LNG transportation, storage, and processing equipment, with a strong financial position and a projected CAGR of 17% for net profit from 2020 to 2024, driven by the growth in clean energy equipment [9][10]. - The company has a robust order book, with total orders amounting to 30.8 billion yuan as of Q3 2025, including 27.3 billion yuan in clean energy equipment [10][51]. - The report highlights the potential for growth in hydrogen and methanol businesses, supported by national policies and increasing demand for clean energy solutions [12][10]. Summary by Sections 1. Company Overview - The company, established in 2004, is a subsidiary of CIMC, primarily engaged in the production of various transportation, storage, and processing equipment for clean energy, chemical environments, and liquid food industries [20][21]. - The company has shown steady revenue and profit growth, with a CAGR of 19% for revenue and 17% for net profit from 2020 to 2024 [26][32]. 2. Energy Equipment - The company benefits from a full order book in clean energy equipment, with significant growth expected in LNG storage and transportation due to declining natural gas prices and increasing demand [9][10]. - The report notes that the company is well-positioned to capitalize on the LNG market, with a projected increase in LNG-powered vessels and infrastructure [62][66]. 3. Energy Operations - The company is expanding its operations in blue hydrogen and green methanol production, with projects expected to come online in the near future [10][12]. - The focus on utilizing by-products from steel production for hydrogen and LNG production is highlighted as a key growth area [21][61]. 4. Chemical and Food Industries - The company holds a significant market share in chemical tank containers, although it faces short-term pressures from the chemical cycle [32][34]. - The liquid food segment is also impacted by consumer trends, but diversification strategies are in place to enhance resilience [32][34]. 5. Investment Analysis - The projected net profits for 2025-2027 are 1.133 billion, 1.469 billion, and 1.762 billion yuan, respectively, with corresponding PE ratios of 13, 10, and 8 [10][11]. - The report suggests a reasonable valuation of 19.1 billion yuan for 2026, indicating a potential upside of 29% from the current market capitalization [10][11].

美国当地时间12月10日下午，美联储如期将利率下调25个基点。然而，在本次议息会议中，反对降息的官员人数增至两人，进一步提升了降息 的门槛。此外，鲍威尔的发言态度不够坚决，加之美联储宣布启动短期债券购买计划以缓解市场担忧，导致此前市场预期的鹰派立场发生逆 转。受此影响，银价飙升至63美元。 降息叠加关税 资金涌入白银 今年以来，美联储已完成三次降息，自2024年9月至今累计降息六次。2025年年初，美国总统特朗普宣布加征关税，将白银列入关键矿物，导致 众多贸易商从年初开始大幅从海外进口白银至美国。白银隐含租赁利率持续维持在6%左右，并在10月一度飙升超过35%，远超融资成本。较高 的租赁利率表明现货市场出借意愿极低，库存紧张局面加剧。 在黄金价格连续两年大涨后，市场资金对投资黄金趋于谨慎，转而流入价格较低的白银，白银的投资属性进一步凸显。全球白银ETF持仓在10月 以来显著增长，机构与私人投资者通过ETF及海外投行渠道囤积现货，成为近期推升银价的关键动力。 百利好特约投资策略师麦东认为，展望后市，在经济与就业面临下行压力的环境下，市场预计美联储在2026年仍会继续降息；若通胀出现温和 回升，降息节奏可能放缓。 ...

Core Viewpoint - Longyuan Power has signed a cooperation framework agreement with the People's Government of Tieli City, Heilongjiang Province, to develop a 3.53 million kilowatt renewable energy generation project, including a 3 million kilowatt pumped storage project [2] Company Overview - Longyuan Power Group Co., Ltd. is primarily engaged in wind and photovoltaic power generation, with its main products being electricity and heat [2][3] - The company has been actively involved in the national carbon market since its launch in 2021, facilitating diverse development in carbon trading [2] Financial Performance - As of September 30, Longyuan Power reported a revenue of 22.22 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.39 billion yuan, down 19.76% year-on-year [8] - The company has distributed a total of 5.978 billion yuan in dividends since its A-share listing, with 4.746 billion yuan distributed over the past three years [9] Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 16.42% to 34,200, with an average of 0 circulating shares per person [8] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some shareholders reducing their holdings [9]

Core Insights - Gansu Province has conducted a comprehensive survey of wind and solar energy resources, revealing significant increases in both theoretical and technical development capacities for these renewable energy sources [1][3][4] Group 1: Wind Energy Resources - The theoretical capacity for wind energy development in Gansu is now estimated at 1.074 billion kilowatts, an increase of 514 million kilowatts from previous assessments, with a technical capacity of 470 million kilowatts [1][3] - The survey has produced a high-resolution wind energy resource map and a database of development capacities, with a spatial resolution of 1 kilometer and a temporal resolution of 1 hour [3] Group 2: Solar Energy Resources - The theoretical capacity for solar energy development in Gansu is now estimated at 11.257 billion kilowatts, an increase of 1.757 billion kilowatts from previous assessments, with a technical capacity of 1.386 billion kilowatts [1][3] - The survey results will support scientific decision-making and efficient resource allocation in the development of new energy projects [4] Group 3: Strategic Importance - Gansu is recognized as a key modern energy production, storage, and export base in China, playing a crucial role in ensuring energy security for the central and eastern regions of the country [3] - The findings from the resource survey are expected to facilitate the large-scale, high-quality development of wind and solar power, contributing to China's carbon neutrality goals [3][4]

Core Insights - The report highlights the evolving landscape of ESG development globally, characterized by standardization, enhanced regulation, and value integration [1] - Ernst & Young (EY) has been actively supporting Chinese enterprises in their international expansion, executing over 100,000 overseas service projects in the past three years [1] Group 1: ESG Development and Regulatory Framework - The ESG regulatory framework in China is continuously improving, with the China Securities Regulatory Commission guiding major stock exchanges to release sustainability reporting guidelines [1] - The Ministry of Finance and other departments have jointly issued the "Basic Standards for Corporate Sustainability Disclosure (Trial)" to enhance the ESG information disclosure system [1] Group 2: EY's Commitment and Achievements - EY Greater China has published its ESG report for five consecutive years, reflecting its commitment to the national "dual carbon" goals and high-quality development strategy [1] - The company aims to deepen its ESG practices and collaborate with employees, partners, and society to promote harmony between humanity and nature [1] Group 3: Social Impact and Carbon Neutrality - EY's social impact initiatives include the "EY Entrepreneur Of The Year" award and the EY Ripples global philanthropy program, which has reached over 11.5 million people since its launch in 2019 [2] - In the fiscal year 2025, EY Greater China achieved carbon neutrality in its operations through the purchase of international voluntary carbon standard projects and green power certificates [2]

12月12日，碳中和ETF（159790）翻红上涨0.13%，持仓股特变电工涨超6%，德业股份涨超3%， 阿特斯涨超2%。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 碳中和ETF（159790）是全市场规模最大的碳中和主题ETF基金。跟踪中证内地低碳经济主题指 数，聚焦电池、电力、光伏设备等低碳主题公司，受益于国家"3060"碳达峰、碳中和，相关新能源、节 能环保公司，业绩增长空间广阔。指数覆盖社会经济各领域与减碳相关的行业及企业，便于投资者精准 全面把握市场热点。 每日经济新闻 消息面，中央经济工作会议12月10日至12月11日在北京举行。会议指出，坚持"双碳"引领，推动全 面绿色转型。深入推进重点行业节能降碳改造。制定能源强国建设规划纲要，加快新型能源体系建设， 扩大绿电应用。加强全国碳排放权交易市场建设。实施固体废物综合治理行动，深入打好蓝天、碧水、 净土保卫战，强化新 ...

Core Viewpoint - Beijing Yihuatong Technology Co., Ltd. has established a wholly-owned subsidiary, Beijing Yihuatong Energy Storage Technology Co., Ltd., with a registered capital of 30 million RMB, marking its entry into the trillion-level energy storage market, which signifies a key step in the integration of hydrogen energy and energy storage [3][4]. Group 1: Company Developments - The establishment of the energy storage subsidiary is a strategic extension of Yihuatong's business, reflecting its commitment to technological innovation and a vertically integrated system covering fuel cells, electrolysis equipment, and hydrogen production [4][6]. - Yihuatong has accumulated practical experience through major projects in regions like Hebei, Guangxi, and Xinjiang, which will support the new company's operations [5][6]. Group 2: Market and Policy Context - The Chinese government has officially included hydrogen energy in its energy system, providing legal support for hydrogen storage applications, which aligns with the national goals of carbon neutrality [6][7]. - The hydrogen storage market in China is projected to exceed 500 billion RMB by 2030 and potentially reach a trillion-level market by 2035, indicating significant growth opportunities in this sector [6][7]. Group 3: Industry Implications - The establishment of the energy storage technology company positions Yihuatong as a leader in the integration of hydrogen energy and energy storage, setting a benchmark for the industry [7]. - The fusion of hydrogen and energy storage technologies is expected to contribute to achieving national carbon peak and carbon neutrality goals, highlighting the strategic importance of this sector [7].

Core Viewpoint - New Guangyi (301687.SZ) is set to go public on the ChiNext board with an initial public offering (IPO) of 36.716 million shares, accounting for 25% of the total share capital post-issue, aiming to leverage its technological strengths and strategic positioning in the capital market [2] Group 1: Company Overview - Established in 2004, New Guangyi focuses on the research, production, and sales of high-performance special functional materials, adhering to a technology development route of "independent innovation and import substitution" [3] - The company has successfully broken the technological monopoly of foreign firms in key product areas, establishing itself as a leader in the industry [3] Group 2: Product Highlights - New Guangyi's core product, the anti-overflow special film, is crucial in the production of flexible circuit boards and has achieved a market-leading position in China, overcoming significant supply issues previously faced by domestic clients [3][4] - The company’s anti-overflow special film exhibits superior performance compared to foreign competitors, including higher tensile strength and lower thermal expansion rates, making it more reliable in high-temperature environments [4] Group 3: Innovation and Development - New Guangyi is actively exploring new business areas such as acoustics, optics, and new energy, seeking opportunities for self-innovation and technological breakthroughs [5] - The company has developed a high-precision acoustic film that surpasses foreign counterparts in key technical indicators, successfully entering the high-end headphone market through partnerships with major clients [6] Group 4: Financial Performance - From 2022 to June 2025, New Guangyi's main business revenue showed steady growth, with figures of 455 million yuan, 516 million yuan, 657 million yuan, and 313 million yuan, while net profits were 81.51 million yuan, 83.28 million yuan, 115.70 million yuan, and 59.21 million yuan respectively [7] - The company forecasts a revenue of 704 million yuan in 2025, representing a 7.10% increase from 2024, and a net profit of 127.27 million yuan, reflecting a 10% growth [7] Group 5: Future Strategy - New Guangyi has outlined a clear development strategy aimed at becoming a world-class innovative materials enterprise, focusing on polymer modification, adhesive formulation, and film manufacturing [8] - The company plans to leverage its core competencies in niche markets to expand its market share and enhance product value while also investing in new energy materials to align with global carbon neutrality trends [8]