Report's Investment Rating for the Industry - No information provided Core Viewpoints of the Report - Two-wheeled vehicles have become an important part of urban transportation with broad market prospects [1] - Electric two-wheelers are changing China's urban transportation structure and are crucial for the "dual carbon" strategy [1] - Motorcycles are widely used in daily life and various functional scenarios and are accelerating their overseas expansion [4] Summary by Related Catalogs Electric Two-wheelers - Electric two-wheelers are a new generation of urban short-distance travel tools, breaking the boundary of basic means of transportation and connecting various aspects of urban life [1] - In 2024, the sales volume of electric two-wheelers in China reached 50 million, and urban residents' dependence on them continues to increase [1] - Electric two-wheelers are a key part of the urban green transportation system, helping to alleviate traffic congestion and reduce carbon emissions [1] Motorcycles - Motorcycles are popular for daily travel and play important roles in multiple functional scenarios, being recognized by the government and the public [4] - In 2024, the production and sales of fuel motorcycles in the whole industry were 16.5645 million and 16.4562 million respectively, with year-on-year growth of 13.86% and 12.99% [4] - In 2024, the export volume of motorcycle complete vehicles increased to 11.0163 million, with a year-on-year growth of 26.72% [4]

Core Viewpoint - The report emphasizes the critical role of new energy storage in national energy transition and the construction of a new power system, highlighting its importance for achieving the "dual carbon" strategy and ensuring a good start for the new energy storage industry during the 14th Five-Year Plan period [2] Group 1: Legal and Policy Framework - The Energy Law incorporates "promoting high-quality development of new energy storage" into the legal framework, marking new energy storage as a key technology for supporting the new power system [3] - The National Energy Administration has established a management system through over 20 special policies, clarifying the top-level design for the new power system [3] Group 2: Installation Structure and Quality Development - In 2024, China's new energy storage installed capacity reached a historic breakthrough of 73.76 million kilowatts, a 130% increase from the end of 2023 [4] - The trend towards larger and longer-duration energy storage systems is evident, with projects of ≥100,000 kilowatts accounting for 62% and projects with storage duration ≥2 hours making up 86% [4] - The average annual equivalent utilization hours reached 911 hours, an increase of 300 hours compared to 2023, indicating improved efficiency [4] Group 3: Technological Innovation - A clear diversified technology development roadmap has emerged, with a tiered development ecosystem for new energy storage, including application, demonstration, and pre-research generations [5] - Breakthroughs in various technologies such as compressed air storage and flow battery storage have laid the foundation for long-duration regulation and inertia support needed for high-proportion renewable energy systems [5][6] Group 4: Market Mechanism Breakthroughs - In 2024, significant progress was made in the market mechanisms for energy storage, including the official operation of the electricity spot market, which guides new energy storage participation in system regulation [7] - The auxiliary service market has diversified, clarifying entry conditions, trading models, and pricing mechanisms for new energy storage [7] Group 5: Standard System Improvement - In 2024, 26 national standards and 18 industry standards for new energy storage were released, covering all aspects from planning and design to operation and evaluation [8] - The establishment of a comprehensive standard system enhances the safety and quality of the new energy storage industry, guiding its orderly development [8]

绿能"风光"无限 8月18日，记者沿着施工通道走进信阳"空气充电宝"项目现场，看到连接地上场区和地下储气硐室的运输通道 已经完成，大山"肚子"内直径15米、总长1800米、总容量约31万立方米的空气压缩硐室已掘进过半，预计将 于2026年年底建成投产。 作为国家能源局新型储能试点示范项目，"空气充电宝"是国内最大的在建300兆瓦级人工硐室压缩空气储能项 目。"项目建成投用后，年发电量将达4.2亿千瓦时，相当于35万个普通家庭一年的用电量。"该项目负责人、 中储国能（河南）电力能源有限公司总经理闵一航介绍。 这是我省能源发展向"绿"向"新"、加速转型的一个缩影。"十四五"规划纲要提出，"建设清洁低碳、安全高效 的能源体系""加快发展非化石能源"。中部大省河南，抢抓"双碳"战略发展机遇，加快可再生能源高质量跃升 发展。 商城县黄柏山上的风电机高高矗立。 一个大号充电宝能有多大？一整座山。 这个正在建设的大号"空气充电宝"，是信阳300兆瓦先进压缩空气储能项目，就在新县的大别山深处。项目建 成后能把光伏、风力发的电能，稳定流畅地接入电网，存储备用，平衡电网供需。 实现碳达峰碳中和目标，能源绿色低碳发展是关键。河南加 ...

Core Viewpoint - The coal-to-ethylene glycol (EG) industry in China is experiencing continuous expansion and fluctuating growth, driven by the country's abundant coal resources and increasing market demand, with production expected to rise significantly by 2024 [1][12]. Overview - The coal-to-EG process utilizes coal as a primary raw material to produce ethylene glycol, which is widely used in various applications such as polyester fibers and antifreeze [2][4]. Development Background - China's energy structure, characterized by abundant coal but limited oil and gas, has led the government to promote coal-to-EG to reduce reliance on imported oil and ensure energy security, while also facing stricter environmental regulations under the "dual carbon" strategy [4]. Industry Chain 1. Industry Chain Structure - The coal-to-EG industry includes upstream suppliers of coal, oxygen, water, catalysts, and production equipment, with the downstream market primarily consisting of ethylene glycol applications [6]. 2. Upstream - Coal is the main raw material for coal-to-EG production, with China's coal output projected to reach 4.759 billion tons in 2024, a year-on-year increase of 2.17%, ensuring a stable supply for the industry [8]. 3. Downstream - Polyester is the largest consumer market for coal-to-EG, accounting for over 80% of consumption, with an annual growth rate of 7.09% in production capacity from 2016 to 2024 [10]. Current Development Status - The production of coal-to-EG in China is expected to increase from 1 million tons in 2016 to 3.988 million tons in 2024, with market size growing from 4.367 billion yuan to 15.365 billion yuan during the same period [12]. Competitive Landscape 1. Overall Landscape - The coal-to-EG enterprises are primarily located in resource-rich regions such as Inner Mongolia, Shanxi, Shaanxi, and Xinjiang, with 17 companies accounting for 66.4% of the total production capacity in 2024 [14]. 2. Representative Enterprises Analysis - **Shanxi Coal Group Yulin Chemical Co., Ltd.**: Established in December 2017, it operates a significant coal-to-EG project with a capacity of 1.8 million tons per year [16]. - **Xinjiang Tianye Co., Ltd.**: Focuses on a diversified green economy, with projected revenues of 11.16 billion yuan and a gross profit of 1.256 billion yuan in 2024 [18]. Development Trends - Future coal-to-EG enterprises are expected to increase investment in technology R&D, improve catalyst performance, and adopt advanced environmental technologies to achieve green transformation and comply with stricter regulations [20].

一个大号充电宝能有多大？一整座山。 这个正在建设的大号"空气充电宝"，是信阳300兆瓦先进压缩空气储能项目，就在新县的大别山深处。项目建 成后能把光伏、风力发的电能，稳定流畅地接入电网，存储备用，平衡电网供需。 实现碳达峰碳中和目标，能源绿色低碳发展是关键。河南加快推进能源结构战略性调整，积极推动能源替 代，2024年迎来"双超越双突破"：可再生能源装机超越火电、新能源装机超越煤电；可再生能源装机占比突 破50%、年发电量突破1000亿千瓦时。 在这场绿色变革浪潮中，老区信阳凭借得天独厚的自然资源禀赋，可再生能源装机占比达66.59%，高出全省 13个百分点以上，成为河南绿色发展的"尖子生"，也是观察区域绿色低碳转型的鲜活标本。 绿能"风光"无限 8月18日，记者沿着施工通道走进信阳"空气充电宝"项目现场，看到连接地上场区和地下储气硐室的运输通道 已经完成，大山"肚子"内直径15米、总长1800米、总容量约31万立方米的空气压缩硐室已掘进过半，预计将 于2026年年底建成投产。 作为国家能源局新型储能试点示范项目，"空气充电宝"是国内最大的在建300兆瓦级人工硐室压缩空气储能项 目。"项目建成投用后，年发电量 ...

Fundraising Overview - The company raised a total of RMB 152,080.06 million from its initial public offering (IPO) by issuing 38,599 million shares at a price of RMB 3.94 per share, with a net amount of RMB 140,192.00 million after deducting issuance costs of RMB 11,888.06 million [1][57] - As of June 30, 2025, the company has utilized RMB 104,982.12 million of the raised funds, with RMB 829.62 million used in the first half of 2025 [2][12] - The company has earned a net income of RMB 1,005.23 million from financial investments and interest income, with RMB 4,083.6 million remaining in the fundraising account as of June 30, 2025 [2][3] Specific Fundraising Activities - The company issued 87,336,244 shares to specific investors at a price of RMB 2.29 per share, raising a total of RMB 199,999,998.76, with a net amount of RMB 196,924,966.30 after deducting issuance costs [4][5] - By June 30, 2025, RMB 19,692.50 million of the funds raised from the specific issuance has been utilized [4][6] Fund Management and Compliance - The company has established a fundraising management system to ensure the proper use and management of raised funds, adhering to relevant laws and regulations [7][21] - The company has signed tripartite supervision agreements with banks and sponsors to ensure the safety of the raised funds [8][9] Project Updates and Adjustments - The company has concluded several fundraising projects, including the "2*300MW Thermal Power Unit Energy Efficiency Improvement Project" and the "Annual Production of 6,000 Tons of Trichlorosilane Project," reallocating surplus funds for new projects [57][61] - The company has adjusted the scale of the "Annual Production of 20,000 Tons of Solid Alkali and Caustic Soda Deep Processing Project" to 10,000 tons, reallocating the remaining funds to the "29.99984MW Photovoltaic Power Generation Project" [18][59] Financial Performance and Future Plans - The company plans to use surplus funds for permanent working capital and to implement new fundraising projects, including the "Annual Production of 50,000 Tons of PVC Modified Nano Calcium Carbonate Project" [57][61] - The company has reported that the "Annual Production of 6,000 Tons of Trichlorosilane Project" has not met expected benefits due to a decline in market prices [24][25]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 海外監管公告 此乃中信泰富特鋼集團股份有限公司在二零二五年八月十九日登載 於中華人民共和國深圳證券交易所網站(www.szse.cn)關於2025年半 年度報告。中信泰富特鋼集團股份有限公司為中國中信股份有限公 司的附屬公司。 中信泰富特钢集团股份有限公司 2025 年半年度报告全文 中信泰富特钢集团股份有限公司 中信泰富特钢集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人钱刚、主管会计工作负责人倪幼美及会计机构负责人(会计主 管人员)吴斌声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质 承诺，请投资者注意投资风 ...

编者按：近日《纽约时报》将中国在清洁能源行业的跃升概括为"从模仿到创新的转变"，强调中国在技 术实际应用和全球供给体系中发挥日益关键的作用。中国靠什么实现了这一巨大进步？本期"环球圆桌 对话"邀请三位学者就相关话题展开讨论。 洪 勇：商务部研究院副研究员 林伯强：厦门大学管理学院讲席教授、中国能源政策研究院院长 第二， 绿色金融制度加速了资本市场的"绿色转向"。自2016年起，我国率先建立绿色金融体系，推出 绿色债券、绿色信贷、碳中和债等多层次产品。2024年，我国绿色信贷余额超过30万亿元，绿色债券发 行规模占全球近一半，为清洁能源企业提供了持续不断的资金来源。 第三，我国金融政策具有工具箱式创新。例如，人民银行推出碳减排支持工具，商业银行可以通过低成 本再贷款形式支持企业开展碳减排项目，直接将货币政策工具与绿色目标挂钩。这种机制不仅降低了融 资成本，还通过政策导向引导市场资源流向绿色产业。 对比来看，不少国家在绿色投资中高度依赖私人资本，缺乏公共金融的支撑与风险分担机制，导致项目 落地速度较慢。我国的制度优势在于能够通过政府主导的金融架构与市场机制的结合，实现资本快速集 聚、成本有效下降，为清洁能源产业化 ...

Core Viewpoint - The Chinese biodiesel industry is facing significant challenges due to EU policies, but the emerging market for bio marine fuel presents a viable opportunity for growth and diversification [2][3][5]. Industry Overview - China is a major biodiesel producer with an annual output exceeding 2 million tons, of which 90% is exported [3]. - The EU is the largest market for Chinese biodiesel, with approximately 180,000 tons exported in 2023, accounting for 90% of total exports [3]. Challenges Faced - The biodiesel export volume dropped by 42.55% in the first half of 2025, indicating a significant contraction in market share [4]. - The EU has implemented multiple measures against Chinese biodiesel, including the revocation of ISCC certifications and anti-dumping investigations, leading to tariffs ranging from 10% to 35.6% [3][5]. Opportunities in Bio Marine Fuel - The bio marine fuel market is seen as a potential solution for the biodiesel industry, with the possibility of increasing annual usage to over 3.6 million tons [5][7]. - The demand for bio marine fuel is rising due to the shipping industry's decarbonization pressures, with significant sales growth in major ports like Singapore and Rotterdam [5][6]. Strategic Recommendations - Promoting bio marine fuel aligns with low-carbon development trends and can help circumvent EU tariffs by shifting the supply chain to domestic blending and refueling [6][8]. - Establishing a local blending and refueling system is crucial for reducing costs and improving efficiency in the bio marine fuel market [8]. - The industry should focus on innovation and high-quality development to transition from an export-dependent model to a dual circulation strategy [8].

Core Insights - The Chinese biodiesel industry is facing significant challenges due to EU policies, but the development of bio marine fuel bunkering presents a viable opportunity for growth [1][2][4]. Industry Overview - China is a major biodiesel producer with an annual output exceeding 2 million tons, of which 90% is exported [2]. - The EU is the largest market for Chinese biodiesel, with approximately 180,000 tons exported in 2023, accounting for 90% of total exports [2]. Challenges Faced - The EU has implemented multiple measures against Chinese biodiesel, including the revocation of ISCC certifications and anti-dumping investigations, leading to a significant drop in exports [2][3]. - In the first half of 2025, China's ester-based biodiesel exports fell by 42.55% year-on-year, indicating a shrinking market share [3]. Opportunities in Bio Marine Fuel - Expanding bio marine fuel bunkering is seen as a critical strategy for the biodiesel industry to overcome export challenges [4][5]. - The demand for bio marine fuel is increasing, with significant sales growth in major ports like Singapore and Rotterdam, despite a price premium of 30% to 60% over low-sulfur fuel oil [4]. Strategic Advantages - Promoting bio marine fuel aligns with low-carbon development trends and can help avoid EU tariffs by shifting the supply chain to domestic blending and bunkering [5][6]. - The establishment of a domestic carbon accounting and certification system is crucial for enhancing China's international competitiveness in biofuels [6]. Future Projections - By the end of the 14th Five-Year Plan, the annual consumption of B24 bio marine fuel in China is expected to reach 15 to 20 million tons, potentially driving biodiesel usage by 3.6 to 4.8 million tons [6]. - The industry must transition from an export-dependent model to a dual circulation strategy, focusing on innovation and high-quality development [7].