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].

Core Viewpoint - The article highlights significant advancements in the new energy commercial vehicle sector, showcasing multiple large-scale deliveries of electric trucks and vehicles, which contribute to the industry's low-carbon transformation and align with national carbon neutrality goals [1][5][6]. Group 1: Major Deliveries - A record-breaking delivery of 137 units of the CIMC·Shanqi new energy head-mounted train was made to a major customer, marking the largest batch of cross-border transport of new energy head-mounted trains in the industry [2][3]. - Dongfeng delivered 50 new energy heavy trucks to Yichang, which can operate for 8 hours on a full charge, significantly reducing carbon emissions by approximately 60 tons per truck annually [6][8]. - SANY successfully delivered the first batch of 30 new energy heavy trucks in Xi'an, marking the initiation of a green energy low-carbon transport project [11][12]. Group 2: Strategic Collaborations - The collaboration between CIMC and Shanqi represents a milestone in their integrated strategy, aiming to create a new ecosystem for the development of new energy head-mounted trains [5]. - The partnership between SANY and Shuqifuture focuses on enhancing green logistics and achieving the national dual carbon strategy through efficient transportation solutions [14]. Group 3: Industry Trends and Innovations - The transportation sector is undergoing a green transformation, driven by national policies promoting the adoption of new energy vehicles, particularly in heavy-duty freight [9]. - The development of a zero-carbon mining transport corridor in Hubei is a key initiative, integrating electric and hydrogen fuel cell vehicles to address the challenges of traditional fuel vehicles in complex operational environments [9][10]. - Sanhuan Automobile's delivery of 50 pure electric dump trucks reflects the company's commitment to customer-centric innovation and the growing demand for reliable electric commercial vehicles [16][18].

Core Viewpoint - 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 and market expansion [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 to the EU in 2023, accounting for 90% of China's total biodiesel exports [2]. Challenges Faced - The biodiesel industry is experiencing a 40% drop in export volume in the first half of 2025, with total exports at 380,100 tons [3]. - The EU has implemented multiple measures against Chinese biodiesel, including the revocation of ISCC certifications and anti-dumping duties ranging from 10% to 35.6%, severely impacting export opportunities [2]. Opportunities in Bio Marine Fuel - The bio marine fuel bunkering market is emerging as a critical strategy for the biodiesel industry to overcome export challenges, with potential annual usage exceeding 3.6 million tons [4][6]. - The demand for bio marine fuel is increasing due to the shipping industry's decarbonization pressures, with significant growth in sales at major ports like Singapore and Rotterdam [4]. Strategic Recommendations - Promoting bio marine fuel bunkering aligns with low-carbon development trends and can help circumvent EU tariffs [5]. - Establishing a domestic carbon accounting and certification system for bio marine fuel can enhance China's position in international trade [6]. - The industry should transition from an export-dependent model to a dual circulation strategy, focusing on innovation and high-quality development [7].

Core Viewpoint - The report highlights the critical role of new energy storage in supporting the new power system and achieving the "dual carbon" strategic goals, emphasizing the need for top-level design, addressing development bottlenecks, and strategic layout for the new energy storage industry during the 14th Five-Year Plan period [2]. Group 1: Top-Level Design and Industry Practice - A comprehensive policy framework has been established, with new energy storage included in the Energy Law of the People's Republic of China, marking its legal position in power system regulation [3]. - By the end of 2024, the installed capacity of new energy storage in China reached 73.76 million kilowatts, accounting for over 40% of the global total, with an average annual growth rate exceeding 130% [4]. - Technological innovation has led to significant advancements, including the mass production of lithium-ion battery cells with a capacity of 500 ampere-hours and a cycle life of 15,000 times [5]. Group 2: Bottlenecks in High-Quality Development - Despite a 25% decrease in lithium-ion battery storage costs compared to 2023, the initial investment for long-duration storage (over 4 hours) remains high, with vanadium flow battery systems costing 1.6 to 2.5 times that of lithium-ion batteries [6]. - The current standards primarily cover electrochemical storage, but there are systemic challenges in the implementation of these standards, highlighting the need for enhanced execution and regulatory oversight [7]. - The industry chain has weak links, particularly in high-end products, which still rely on imports, indicating a need for improved collaboration between research, development, and engineering [9]. Group 3: Leading Global Energy Storage Paradigm - A focus on technological innovation across various time scales is essential, with plans to upgrade lithium-ion batteries and accelerate the industrialization of sodium-ion and solid-state batteries [10]. - The establishment of a unified capacity compensation mechanism and a three-pronged revenue model is necessary to unlock diverse value opportunities for new energy storage [11]. - The report advocates for the internationalization of storage technology standards and the establishment of integrated projects in overseas markets, aiming to position China as a leader in the global energy storage industry [12].

Core Viewpoint - The company is committed to enhancing operational quality and investor returns through a systematic strategy focused on high-quality development and sustainable practices in the energy sector [1][6][8]. Group 1: Business Strategy and Performance - The company aims to become a leading provider of green and efficient environmental energy services, focusing on "environmental protection" and "energy" themes while optimizing its dual-driven model of "energy trade + energy industry" [1][2]. - In the first half of 2025, the company's thermal power generation business achieved operating revenue of 1.447 billion yuan and a net profit of 247 million yuan [3]. - The company successfully acquired 100% equity of Huzhou South Taihu Power Technology Co., Ltd., which has a boiler capacity of 480t/h and a generator set capacity of 48MW, further consolidating its leading position in the energy industry [3]. Group 2: Energy Trade and New Energy Development - The company is expanding its investment in the energy sector, focusing on thermal power generation and solid waste disposal while accelerating breakthroughs in the new energy sector [2][4]. - In the first half of 2025, the coal circulation business generated operating revenue of 16.928 billion yuan and a net profit of 146 million yuan, with coal sales volume reaching 31.9 million tons, a year-on-year increase of 14.13% [5][3]. Group 3: Innovation and R&D - The company invested 65.2781 million yuan in R&D in the first half of 2025, a 1.7% increase year-on-year, focusing on high-end, digital, and intelligent innovations [8][13]. - The company has established an innovation system comprising various research centers and laboratories to enhance its technological capabilities and drive the transformation of research results into practical applications [9][10]. Group 4: Investor Relations and Governance - The company has committed to a stable and scientific return mechanism for investors, planning to distribute cash dividends amounting to no less than 40% of the net profit attributable to shareholders for the years 2024-2026 [6][7]. - Since its listing in 2021, the company has distributed a total of 1.506 billion yuan in cash dividends, representing 101.23% of the net raised funds [7]. Group 5: Sustainable Development and Environmental Responsibility - The company is actively promoting green and low-carbon transformation through comprehensive energy services and waste disposal, achieving a sales volume of 4.2595 million tons of steam in the first half of 2025, a year-on-year increase of 0.24% [4][11]. - The company’s waste tire pyrolysis project has made significant progress, converting waste tires into valuable products while achieving environmental benefits [11].

Core Viewpoint - The strategic cooperation agreement between Greenmech Co., Ltd. and China Huadian Corporation Hubei Branch aims to jointly build low-carbon and zero-carbon industrial parks globally, leveraging green electricity connections and promoting a multi-faceted "green + circular" cooperation model under the national "dual carbon" strategy [4][16]. Group 1: Overview of the Agreement - The agreement was signed on August 18, 2025, and does not require board or shareholder approval, nor does it constitute a related party transaction or a major asset restructuring [4][3]. - The cooperation focuses on resource sharing and complementary advantages to enhance both parties' green competitiveness and promote high-quality green development [8][16]. Group 2: Cooperation Scope - The cooperation includes the construction of low-carbon and zero-carbon parks globally, responding to national directives and focusing on green electricity connections, distributed photovoltaic generation, energy storage, and carbon quota trading [9]. - Joint development of renewable energy projects, including wind and solar energy, with a focus on energy storage facilities, is planned to be implemented by 2025 [9]. - The agreement also covers electricity market development, biomass energy utilization, and energy management optimization to reduce energy consumption and costs [10][16]. Group 3: Responsibilities and Implementation - Both parties are obligated to coordinate with relevant units to support the cooperation and will formalize specific project agreements as needed [11]. - A dedicated team will be established to facilitate high-level exchanges and ensure the cooperation is effectively implemented [12]. - The agreement is valid for three years and can be renewed upon mutual consent [13]. Group 4: Impact on the Company - The strategic cooperation is expected to significantly reduce carbon emissions, enhance the company's ESG value, and improve competitiveness in the green energy market [16]. - The agreement will not have a major impact on the company's current financial status or operational results but is anticipated to positively influence future operations in response to global green electricity and carbon footprint developments [16].

Core Viewpoint - Shanxi Pengfei Group is actively promoting its hydrogen energy technology and cultural tourism projects in Europe, showcasing its commitment to green energy and cultural integration as part of its international expansion strategy [1][8]. Group 1: Company Overview - Founded in 1993, Shanxi Pengfei Group has transformed from a local coal enterprise into a comprehensive energy group over 30 years, with total assets of 150 billion and 30,000 employees [5]. - The company has developed a complete industrial cluster that includes intelligent raw coal production, clean coke smelting, a full hydrogen energy industry chain, and integrated cultural tourism resources [5]. Group 2: Hydrogen Energy Focus - Over the past 8 years, the company has established a complete hydrogen energy value chain, covering hydrogen production, storage, transportation, refueling, and hydrogen commercial vehicle manufacturing [6]. - Pengfei Group produces over 100,000 tons of clean hydrogen annually, sufficient to support 15,000 hydrogen fuel heavy trucks, significantly contributing to carbon reduction [5][6]. Group 3: Technological Advancements - The company has deployed 300 hydrogen fuel heavy trucks in Shanxi, which have collectively traveled nearly 50 million kilometers, with individual trucks achieving a maximum mileage of nearly 300,000 kilometers [6]. - Utilizing AI technology, Pengfei Group has developed a smart management platform for its hydrogen trucks, enhancing safety and operational efficiency [6]. Group 4: Cultural and Social Integration - Pengfei Group integrates industrial development with cultural heritage and public service, focusing on creating a "living enterprise" that enhances quality of life [7]. - The company is revitalizing historical sites in Shanxi, including the 400-year-old Xiangyu Ancient Castle and the 1,600-year-old Xiaoyi Old Town, to create a cultural tourism ecosystem [7]. Group 5: International Collaboration - During its recent European outreach, Pengfei Group aims to establish deep cooperation with European enterprises in hydrogen technology research, product manufacturing, and market expansion [9]. - The company envisions a future layout that includes a hydrogen energy corridor, promotion of one million hydrogen heavy trucks, and the establishment of a comprehensive energy island [8][9].

Core Viewpoint - Tianshan Co., Ltd. reported a significant reduction in losses for the first half of 2025, achieving a net profit of -0.922 billion yuan, a 72.99% improvement year-on-year, despite ongoing challenges in the cement industry due to declining demand and cost pressures [1] Financial Performance - The company achieved operating revenue of 35.98 billion yuan, with a year-on-year decrease of 9.40% [1] - Operating costs decreased by 16.71%, indicating effective cost management strategies [2] - The net cash flow from operating activities was 1.943 billion yuan, a 27.30% increase year-on-year, providing a buffer for strategic adjustments [3] Cost Management - The cost of cement clinker decreased by 20.14%, while the cost of ready-mixed concrete fell by 9.96% [2] - The company implemented various procurement strategies, including centralized purchasing and direct sourcing, to drive down costs [2] - The company reported a reduction in sales, management, and financial expenses by 3.39%, 8.63%, and 7.90% respectively [3] International Expansion - Tianshan Co., Ltd. accelerated its internationalization, with overseas revenue increasing by 72.49% year-on-year [3] - The gross margin for overseas business reached 39.90%, significantly higher than domestic operations, highlighting the profitability of its international strategy [3] Green Transformation - The company is focusing on a comprehensive carbon reduction system, achieving a reduction of 122.94 million tons of CO2 through raw material substitution and 153.43 million tons through fuel substitution [4] - Tianshan Co., Ltd. has launched 58 solar projects with a total installed capacity of 176,320 kW, contributing to its green energy initiatives [4] - The company has established a full-chain carbon reduction system, positioning itself advantageously in the low-carbon economy [5] Technological Innovation - The company’s Akesu Tianshan Cement facility has implemented a biomass fuel production line, significantly reducing coal consumption and achieving a CO2 reduction of 44,800 tons annually [5] - Tianshan Co., Ltd. received the first carbon management system certification in the cement industry, indicating its advanced capabilities in carbon asset management [5] Strategic Focus - The company is committed to supply-side reform, emphasizing lean management and cost control while pursuing opportunities in digital transformation and green development [5]