Core Insights - SPDBank's asset custody business has achieved a significant milestone, with the asset custody scale surpassing 20 trillion yuan by the end of November 2025, ranking fourth in the industry and marking the highest annual growth in nearly a decade [1][2] Group 1: Business Growth and Strategy - The asset custody scale has consistently increased by over one trillion yuan for five consecutive years, indicating robust growth and a new development phase for SPDBank's custody services [1] - The bank has implemented a collaborative strategy, enhancing its custody business through initiatives like "joint custody" and "group custody," which have led to comprehensive breakthroughs across operational goals, collaborative mechanisms, and digital applications [1] Group 2: Innovation and Market Leadership - SPDBank is at the forefront of market innovation, having introduced several industry-first products, including the first floating-rate public fund and the first climate change high-grade bond index fund [2] - The bank's "Kao Pu Custody" brand has received multiple awards, including recognition as an "Excellent Asset Custody Institution" and "Best Innovative Fund Custody Service" by industry authorities, showcasing its strong market presence and professional reputation [2] Group 3: Future Outlook - With a new starting point of 20 trillion yuan, SPDBank aims to align closely with national strategic deployments, enhancing service standards and contributing significantly to the construction of a strong financial nation [2]

福建省委书记周祖翼表示，福建将聚焦高水平保护，加快构建从山顶到海洋的保护治理大格局， 推动生态环境质量保持全国前列；聚焦高质量发展，着力推动经济社会发展全面绿色转型，努力 形成崇尚生态文明的社会氛围；聚焦高效能治理，接续推进国家生态文明试验区建设，努力探索 更多具有福建特色的制度创新成果。 新华社厦门12月1日电（记者陈弘毅、高敬）12月1日，由生态环境部主办的2025年深入学习贯彻 习近平生态文明思想研讨会在福建厦门举行。研讨会以"深入学习贯彻习近平生态文明思想，奋力 推进美丽中国建设取得新的重大进展"为主题，通过开展研讨交流，深入学习贯彻习近平生态文明 思想，全面落实党的二十届四中全会精神，推动加快经济社会发展全面绿色转型、建设美丽中 国。 本次研讨会设主论坛和"习近平生态文明思想的标识性概念和原创性贡献""'十五五'美丽中国建设 战略任务与实践路径""以'双碳'牵引经济社会发展全面绿色转型""全球治理倡议与共建清洁美丽可 持续的世界"4个平行分论坛。 生态环境部党组书记孙金龙在主论坛致辞中说，党的十八大以来，我国生态文明建设从理论到实 践都发生了历史性、转折性、全局性变化，生态环境持续改善，绿色低碳转型 ...

Core Insights - The "Hefei All-Scenario Immersion Oil-Based Liquid Cooling Technology Innovation Consortium" led by Tongyuan Environment has been approved, marking a significant step in high-end cooling technology and injecting new momentum into green computing infrastructure construction [2] Group 1: Industry Context - The rapid development of the digital economy and the advancement of "dual carbon" goals have created unprecedented cooling pressures for new infrastructure such as data centers, 5G base stations, and new energy storage [2] - High power consumption and high heat flux density have become core bottlenecks restricting computing power enhancement and energy efficiency optimization [2] Group 2: Company Initiatives - Tongyuan Environment, focusing on environmental protection and energy conservation, has responded actively to national calls for technological innovation [2] - The consortium includes key players such as PetroChina Karamay Petrochemical Co., Shenzhen Green Cloud Technology Co., China Unicom (Anhui) Industrial Internet Co., H3C Technologies Co., and Hefei University of Technology, forming a cross-domain innovation alliance [2] - The consortium integrates a complete industrial chain resource from cooling working fluids, liquid cooling systems, application scenarios to research support, aiming to provide more efficient, safer, and greener cooling solutions for computing power infrastructure [2]

王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 站玩人行业 证券分析师 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 申万宏源研究微信服务号 — 申万公用环保周报(25/11/24~25/11/28) 本期投资提示: 公用事亦 2025 年 12 月 01 日 相关研究 多地规范售电批零价差 欧亚 第12年 请务必仔细阅读正文之后的各项信息披露与声明 电力：广东发函规范售电批零价差。广东电力交易中心发布关于征求广东电力零售市场交易结算 有关事项意见的函（广东交易函〔2025〕11 号)。自 2026 年起，拟对各售电公司月度平均度电 批零差价高于差价收益上限 0.01 元/千瓦时的部分，按照 1:9 比例由售电公司与零售用户分享。今 年以陕西、安徽、四川、山东、新疆为代表的多个省区相继出台针对售电公 ...

证券研究报告——造纸行业周报 废纸成本支撑，原纸涨价落地 【2025.11.24-2025.11.30】 行业评级：看好 核心观点 风险提示 需求不及预期风险，原材料价格波动风险，政策落地偏差风险。 请务必阅读最后一页免责声明 今年三季度以来，包装纸价格接连上涨，进入四季度后，又有多家纸企开启新一轮提价。 近日，央视财经频道推出纸价上涨专题报道，指出包装纸价格涨幅已达 25%以上，产业链上 下游企业正通过各种方式，积极应对成本压力。 1 分析师：杨素婷 执业证书编号：S0770524020002 邮箱：yangst@dtsbc.com.cn 研究助理：温慧 执业证书编号：S0770125070012 邮箱：wenh@dtsbc.com.cn 西世贸中心 A 座 F12、F13 网址:http://www.dtsbc.com.cn 发布日期：2025.12.01 造纸行情走势图 包装纸涨价潮深化，全产业链传导顺畅：本周各企业涨价接续 落地，三季度以来累计涨幅超 25%，多家纸企密集上调白卡纸、 瓦楞纸等价格 50-200 元/吨。终端价格同步走强，箱板纸、瓦 楞纸、白卡纸均价周环比分别上涨 50 元/吨、50 ...

Investment Rating - The report does not explicitly state an investment rating for the industry [1]. Core Views - The photovoltaic inverter exports are steadily increasing, with significant contributions from Australia. In October 2025, China's inverter exports reached 680 million USD, with a cumulative total of 7.44 billion USD from January to October, marking a 6.4% year-on-year growth. The exports to Australia in October alone were approximately 58 million USD, showing over 200% growth year-on-year, primarily due to a government subsidy plan implemented in Australia [4]. - The industrial gas sector saw a strong increase in liquid argon prices in November, with an average price of 817 RMB/ton, up 23.79% from October and 17.89% year-on-year. Other gases remained relatively stable, with liquid oxygen at 419 RMB/ton and liquid nitrogen at 417 RMB/ton. The overall demand is expected to remain weak in the coming months, with prices likely to decline [4]. - In the automotive sector, retail sales of passenger vehicles saw a slight year-on-year decline in the third week of November, but a month-on-month recovery. The average daily retail sales were 71,000 vehicles, down 7% year-on-year but up 7% month-on-month. The upcoming reduction in vehicle purchase tax for electric vehicles in 2026 is expected to stimulate consumption towards the end of the year [4]. Summary by Sections Market Overview - In the past week, the mechanical equipment, electric power equipment, and automotive industry indices rose by 2.47%, 2.23%, and 2.01%, respectively, ranking 8th, 10th, and 11th among 31 first-level industries in the Shenwan classification. The Shanghai and Shenzhen 300 index rose by 1.64% during the same period [9][11]. Industry News and Key Company Announcements - The report highlights significant developments in the industry, including advancements in humanoid robots and the rapid growth of the energy storage sector in China, which has seen new installations exceeding 100 million kilowatts, representing over 40% of the global total [19]. - Notable company announcements include the successful bid by a humanoid robot company for a project worth 264 million RMB and the acquisition of a credit filing certificate for a solar project, which is expected to positively impact the company's performance once operational [20].

Core Viewpoint - The "2025 Commercial Vehicle Industry Cooperation Development Conference" held in Beijing emphasizes the achievements and future strategies of China's commercial vehicle industry, highlighting the importance of green transformation, intelligent upgrades, and global expansion [3][4]. Group 1: Industry Achievements and Future Directions - The commercial vehicle industry is a crucial pillar of the national economy, showcasing unprecedented vitality and resilience in green transformation and intelligent upgrades [4]. - During the "14th Five-Year Plan" period, the industry achieved breakthroughs in production and sales scale, technology level, product structure, and international competitiveness, indicating a positive development trend [4]. - The next five years are seen as a critical period for consolidating and innovating the industry, aiming for higher quality, efficiency, and sustainability [4]. Group 2: Green Development and Technological Integration - The "15th Five-Year Plan" will see deep integration of new energy technologies, with continuous cost optimization and comprehensive infrastructure improvement [4]. - A multi-faceted zero-carbon transportation system will be established, with hydrogen, pure electric, and hybrid technologies playing significant roles [4]. - The green transformation of the commercial vehicle industry will closely align with energy, transportation, and urban development, becoming a core force in achieving China's "dual carbon" goals [4]. Group 3: Intelligent Development and Globalization - The industry will transition from "point breakthroughs" to "overall intelligent governance," integrating single vehicle intelligence with smart traffic systems [5]. - The commercialization of autonomous driving technology is expected to transform logistics and business models significantly [5]. - Chinese commercial vehicle enterprises will shift from merely exporting products to promoting technology standards and solutions globally, aiming for a leap from "global sales" to "global operations" [5]. Group 4: Market Trends and Competitive Landscape - Current annual sales of Chinese vehicles are approximately 33 million, with the domestic market expected to reach around 40 million [6]. - It is anticipated that Chinese brands will capture 50% of the global market share, reflecting the industry's competitive mission [6]. - The industry is expected to consolidate into about 15 globally competitive enterprise groups, with others potentially exiting the market through mergers or restructuring [6]. Group 5: Strategic Focus Areas - The future five years will focus on five strategic areas: domestic demand, manufacturing, technology, safety, and green initiatives, with an increased emphasis on domestic demand compared to the "14th Five-Year Plan" [7]. - The balance between supply and demand in transportation is expected to improve, with short to medium-distance transport demand showing better prospects than long-distance [7]. - The implementation of AI in transportation is projected to lead to a golden development period for smart logistics in the next 5 to 10 years [7]. Group 6: International Strategies and Market Position - New energy commercial vehicles are crucial for promoting energy conservation and carbon reduction in transportation, with significant opportunities for coordinated development in technology, market, and policy during the "15th Five-Year Plan" [8]. - Chinese electric buses have established a strong international competitive advantage, particularly in the European zero-emission bus market [8]. - The industry has reached an international leading level in new energy and related technologies, with a robust industrial chain supporting electric bus solutions [8]. Group 7: Industry Events and Networking - The "2026 Shenzhen International Commercial Vehicle Eco-Expo" aims to enhance the commercial vehicle industry's ecosystem and upgrade its development [9]. - The expo will serve as a professional platform covering the entire commercial vehicle industry chain, facilitating market transactions and brand promotion [9]. - A salon discussion on high-quality development paths for the commercial vehicle industry will be held, focusing on technological innovation and application [10].

Market Overview - The A-share market experienced a rebound last week, with the Shanghai Composite Index closing at 3888.60 points, up 0.34% [5] - The overall market sentiment improved, but the rebound strength was limited due to insufficient incremental capital inflow, with trading volume around 1.6 trillion yuan [2][14] - Key resistance is noted around the 4000-point mark, where historical selling pressure exists, restricting upward movement [14] Short-term Outlook - The market is expected to enter a phase of oscillation and gradual repair, with a warning of potential pullbacks after the rebound [3][15] - The ability to expand trading volume will be crucial for sustaining the rebound; low trading volume may lead to a return to range-bound trading [3][15] - Investors are advised to monitor changes in trading volume, capital flow, and policy developments closely [15] Sector Performance - Technology sectors, particularly artificial intelligence and semiconductor industries, showed strong performance, while other sectors lacked clear support for growth [14] - Consumer stocks, including dairy and food and beverage sectors, have been rising due to government policies aimed at boosting consumption [7][9] - New energy sectors, including batteries and photovoltaic equipment, are expected to continue their rebound, supported by ongoing demand for carbon neutrality [8][9] Investment Strategy - A focus on individual stocks rather than indices is recommended, with strategies such as balanced allocation and high-low trading [3][15] - Investors should target stocks with strong earnings support while avoiding high-valuation stocks lacking performance backing [15] - The report emphasizes the importance of selecting stocks in sectors with robust fundamentals, such as technology growth and cyclical industries [15]

11月28日，赣南师范大学陈义旺教授及其团队创新性地提出并实现了一种可在空气环境下进行的"激光 退火"技术，为钙钛矿光伏材料的大规模、低成本和高稳定性制备提供了关键科学基础和技术路径。该 研究由南昌大学牵头，赣南师范大学、江西师范大学、广安理工学院等单位合作完成。相关成果发表在 国际学术期刊《科学》上。 钙钛矿太阳能电池因其高光电转换效率和可溶液加工特性，被视为最具潜力的新一代光伏技术。而传统 热退火工艺需在惰性气体中长时间处理，难以满足高通量生产需求。 研究团队通过原位同步辐射表征，首次揭示了钙钛矿薄膜在空气中热处理的"四阶段降解机理"，并发现 了一个约123±18秒的"环境无降解窗口"。基于这一发现，团队开发出高功率蓝光激光退火工艺，可在20 秒内实现大面积薄膜的快速结晶，避免水氧侵蚀带来的结构降解。该成果为钙钛矿光伏器件提供了高通 量、低能耗、环境友好的制备新路径，突破了传统惰性环境依赖，攻克了大面积印刷精度瓶颈，为我国 在高效光伏材料制备领域实现从实验室研究到产业化应用提供了重要技术支撑。 陈义旺团队成功孵化九江市柔烁光电科技有限公司，将核心柔性钙钛矿技术转化为可落地、可复制、可 推广的产业成果。公司 ...

人民网北京11月30日电 (记者杜燕飞)随着全球化深入发展，中国企业"走出去"成为推动国家经济发展的 重要力量。如何在复杂多变的国际环境中实现可持续发展，是中国企业亟待解决的课题。 近日发布的《德勤中国2025财年社会影响力报告》(以下简称《报告》)显示，中国企业出海经历了从产 品出海、营销机构出海、产供销本地化、全球产业布局的发展过程。当前，企业拓展海外市场面临着地 缘政治、合规化与供应链重构等挑战，要加强全球运营能力建设，越来越多的中国企业主动管理 ESG(环境、社会和公司治理)。 值得注意的是，我国正在坚定不移地履行"双碳"承诺。今年4月，财政部、生态环境部联合发布《企业 可持续披露准则第1号——气候(试行)(征求意见稿)》；9月，中国证监会指导沪深北交易所发布修订后 的《上市公司可持续发展报告编制指南》。 随着顶层设计的不断完善，有越来越多的中国企业从"被动合规"走向"主动布局"，ESG从"差异化竞争 优势"转变为"市场准入的基础门槛"。 业界人士表示，企业出海需要从全球布局上规划策略，完善运营体系、供应链、国际化人才建设。此 外，企业"出海"已经是管理经营输出而非简单产品输出，要打造数智化管理的基础 ...