Investment Rating - The coal industry is rated as "stronger than the market" [7] Core Views - The report emphasizes that the coal industry is currently experiencing a transformation, with policies aimed at energy security and a shift in supply dynamics. The coal price is expected to stabilize, with potential fluctuations in the short term [5][6] - The report highlights the limited elasticity of coal supply due to strict capacity controls and increasing mining difficulties, particularly in eastern regions. This is expected to lead to a concentration of production in western areas, raising supply costs [5] - The report suggests that despite weak macroeconomic conditions affecting coal demand, the rigid supply and rising costs will support coal prices, which are anticipated to maintain a volatile upward trend [5] Summary by Sections 1. Market Overview - The coal index experienced a slight decline of 3.11%, underperforming the Shanghai and Shenzhen 300 index by 2.54 percentage points. Year-to-date, the coal index has increased by 2.96% [13] 2. Thermal Coal - As of January 16, the Qinhuangdao 5500K thermal coal price is 695 CNY/ton, down 4 CNY/ton week-on-week, with a year-on-year decrease of 66 CNY/ton [3][32] - Daily average production from 462 sample mines is 5.467 million tons, a week-on-week increase of 15,000 tons but a year-on-year decrease of 6.2% [3][42] - The report notes a significant drop in daily consumption at major power plants, with inventory levels slightly increasing [3][46] 3. Coking Coal - The price of main coking coal at Jingtang Port has risen to 1,770 CNY/ton, reflecting a week-on-week increase of 150 CNY/ton [4][76] - Daily average production from 523 sample mines is 769,000 tons, with a year-on-year decrease of 2.7% [4][76] - The report indicates that the coking coal market is experiencing upward price adjustments, driven by supply constraints and increased demand from steel production [4][76] 4. Investment Recommendations - The report suggests focusing on companies with strong resource endowments and stable operating performance, such as China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical Industry [6] - Companies with production growth potential and those benefiting from a bottoming coal price cycle are also highlighted, including Yanzhou Coal Mining, Huayang Co., and Gansu Energy [6] - The report recommends considering companies with integrated coal and power operations to mitigate cyclical volatility, such as Shaanxi Energy and Xinji Energy [6]

Core Viewpoint - The construction of the first batch of zero-carbon parks in China has officially started in Baotou, Inner Mongolia, focusing on the Baotou Rare Earth High-tech Zone, which aims to establish a national-level zero-carbon park by 2027 [1][2] Group 1: Project Overview - The Baotou zero-carbon park adopts a "park within a park" model, including rare earth industry parks and high-end equipment manufacturing parks, with established leading industries in rare earth, photovoltaics, and energy storage [1] - The park aims to complete its zero-carbon park creation tasks by the end of 2027 through various initiatives, including green electricity direct connection, new energy project development, and hydrogen energy demonstration utilization [1] Group 2: Strategic Importance - Baotou is one of the first eight industrial cities established after the founding of New China, and it is advancing the construction of the largest rare earth new materials base and a globally leading rare earth application base [1] - The successful inclusion of the Baotou Rare Earth High-tech Zone in the first batch of national-level zero-carbon parks is expected to have a significant and far-reaching impact on the green transformation and innovative development of old industrial bases [1][2]

环保企业布局上游矿业，开辟第二增长曲线 【】【】[Table_Industry] 环保周报 [Table_ReportDate] 2026 年 1 月 17 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 环保 投资评级 看好 上次评级 看好 郭雪环保联席首席分析师 执业编号：S1500525030002 邮箱：guoxue@cindasc.com 吴柏莹环保行业分析师 执业编号：S1500524100001 邮箱：wuboying@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 环保企业布局上游矿业，开辟第二增长曲线 2026 年 1 月 17 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://www.cindasc.com2 [Table_Author] 化工行业： [Table_Summary] [Table_Summary] ➢ 行情回 ...

Core Viewpoint - The "dual carbon" goals are transitioning from a conceptual framework to a practical constraint, necessitating immediate action and verification within industries as the 2030 deadline approaches [3][5][49]. Group 1: Transition from Concept to Reality - The sense of urgency around the "dual carbon" goals is increasing as the 2030 target approaches, leading to a need for concrete answers on implementation strategies [3][4]. - The shift from narrative to structural capability is evident, requiring validation in real-world industrial settings [5][6]. - The costs of misjudgment regarding technology feasibility and replicability are rising, emphasizing the importance of real-world testing [7][8]. Group 2: Industry Engagement and Collaboration - The "Carbon Index Plan" has evolved to focus on real-world industry engagement, moving beyond mere innovation showcases to address practical challenges [9][11]. - The collaboration between government, leading enterprises, and capital is crucial for validating and implementing "dual carbon" strategies [11][12]. - Feedback from enterprises indicates that successful implementation often hinges on access to real resources and government support [11][12]. Group 3: Sector-Specific Insights - In the transportation sector, the focus is on whether "dual carbon" can enhance system efficiency within established manufacturing frameworks [18][20]. - The hydrogen energy sector faces unique challenges due to its reliance on infrastructure and standards, necessitating long-term validation of its economic viability [22][23]. - In the technology sector, the emphasis is on the stability and operational capacity of AI technologies as foundational elements for achieving "dual carbon" goals [28][30]. Group 4: Key Questions and Insights - The transition to low-carbon practices is increasingly viewed as a source of efficiency rather than a compliance burden, highlighting the need for integrated ecological conditions [34][36]. - The ability of institutions and markets to support the scaling of technologies is a critical uncertainty that needs to be addressed [38][39]. - The evolution of low-carbon economies will depend on the integration of technologies into existing systems rather than isolated innovations [40][41]. Group 5: Future Directions - The current phase is characterized by a need for effective judgment capabilities in complex realities, rather than isolated innovations [47][50]. - A credible framework for navigating the "dual carbon" path is emerging, emphasizing the importance of continuous calibration of strategies [49][51].

新型电力市场化改革步入深水区，"136"号文件落地标志新能源"强制配储"退出历史，独立储能迈进"价 值重构"关键期，收益模式多元市场化，专业运营要求提升，助推第三方运营市场空间加速打开。公司 积极布局独立储能托管赛道，以AI大模型为技术基石，依托"产品销售+托管运营"双轮驱动，构建"软+ 硬"专业托管服务，凭产品与先发优势抢占市场红利。同时，以日新鸿晟为投资平台，通过自建、合作 投资绑定收益与运营权，拓展多方客户。当前，宁夏独立储能托管业务已经落地，商业模式充分验证。 2026年公司电力交易业务（托管）有望迎来高速增长，给予"买入"评级。 逻辑-1：独立储能"价值重构"关键期，第三方专业运营市场需求有望加速释放 经营业绩持续超预期，现金流状况持续改善。2025年，受益于分布式功率预测业务快速起量，公司业绩 持续超预期，前三季度，公司实现营业收入5.00亿元，yoy+36.97%；实现归母净利润0.75亿元， yoy+41.75%;实现扣非归母净利润0.69亿元，yoy+59.97%。现金流改善明显，经营活动现金流0.48亿 元，去年同期为-0.42亿元。截至2025H1，公司净新增电站用户数量达到1116家， ...

关注、加星，第一时间接收推送！ 文 |申万宏源·宏观团队 联系人| 耿佩璇 重点推介 热点思考：设备投资，能否"持续高增"？ 一问：设备投资高增的"认知误区"？ 2024年以来，设备投资表现较强并非源于"朱格拉周期"与"两新"政策，结构上是广义基建、服务业投资 走强；节奏上也早于"两新"政策集中加码时间。 二问：设备投资高增的"动力之源"？ 建立现代化产业体系推升狭义基建设备投资，中西部地区加快能源转型拉动公用事业设备投资；同时财 政加大科研支出叠加出行链需求改善下，"投资于人"相关的服务业设备投资增速较高。 三问：设备投资高增的"可持续性"？ 2026年设备投资或持续高增，结构上在现代化产业体系建设、"双碳"与"投资于人"政策加码下，数字基 建与枢纽类、减碳改造设备类与消费类基建投资有望回升；出口保持韧性下，外需相关的设备投资有望 保持韧性。 ☎ 欢迎交流：申万宏观 屠强、赵伟 周度研究成果汇总 （1.10-1.16） 首经观点 1、首经观点 | 赵伟：机遇叠加、未来可期 热点思考 1、热点思考 | 居者有其屋，昂贵的"美国梦" 2、热点思考 | 再议宏微观"温差" 3、热点思考 | 新年第一会，谁在抢跑？ ...

Core Insights - The article highlights the transformation of state-owned enterprises (SOEs) in China, particularly Guangdong Wenkai Green Technology Co., Ltd., which is leveraging state-owned credit and market mechanisms to unlock significant potential in the green energy sector [1] Business Iteration - The company has shifted from a traditional landscaping business to a "green industry comprehensive service provider," establishing a three-dimensional business system that includes ecological environment, green energy, and innovative services, aligning with national energy strategies during the 14th Five-Year Plan [2] Green Energy Growth - The green energy segment has become a core pillar for profit recovery, with the company focusing on distributed photovoltaics, energy storage, and new energy EPC projects, achieving a signed rooftop photovoltaic project capacity of 130 MW by November 2024, with an expected grid connection of 60 MW by year-end [3] Traditional Business Value Regeneration - The company has upgraded its client structure by moving away from high-risk real estate clients to focus on government platforms and Fortune 500 companies, successfully winning bids in urban renewal and ecological restoration, while also expanding into the Middle East market [4] State-Owned Capital Empowerment - The unique advantage of SOEs lies in their credit premium and resource integration capabilities, with Wenkai benefiting from the platform advantages of its controlling shareholder, Foshan Jianfa, which has a substantial asset scale and strong credit ratings, enhancing the company's financial resilience [5] Resource Coordination - The relocation of Wenkai to Foshan Shunde aims to strengthen business collaboration with Foshan Jianfa, allowing the company to prioritize local industrial park projects and effectively manage debt risks through innovative solutions [6] Forward-Looking Layout - The company is proactively entering cutting-edge fields such as virtual power plants and carbon trading, leveraging state-owned resources to establish long-term growth barriers, aligning with the needs of China's new power system [8] Business Synergy - The integration of ecological restoration and green energy businesses is creating a unique model that mitigates risks from industry fluctuations, providing multiple support for performance growth [9] Value Insights - The transformation of Wenkai offers three key insights for SOEs: strategic alignment with national goals, state capital empowerment for stability, and continuous innovation to expand value boundaries, indicating a potential window for value re-evaluation in SOEs amid energy transition [10]

宏观新闻 4、据国家税务总局有关部门消息，税务机关持续加强对居民个人境外所得纳税的宣传辅导，去年以来 提醒纳税人对2022年至2024年从境外取得的收入进行自查。 5、韩国法院当地时间1月16日以妨害公务执行等罪名判处前总统尹锡悦有期徒刑5年。 6、当地时间16日，美国总统特使威特科夫此前在美国接受采访时称，伊朗经济状况严峻，并表示若伊 朗希望回归国际社会，可通过外交方式解决相关问题，其中，铀浓缩、导弹、敏感材料以及"地区代理 武装"是四项关键议题。 1、国务院总理李强1月16日主持召开国务院常务会议，听取提振消费专项行动进展情况汇报并研究加快 培育服务消费新增长点等促消费举措，部署做好清理拖欠企业账款行动和保障农民工工资支付有关工 作，审议通过《国务院关于修改和废止部分行政法规的决定（草案）》。 7、特朗普称，可能会对那些不支持美国获得格陵兰岛计划的国家加征关税。 2、1月15日，中国证监会召开2026年系统工作会议。会议指出，坚持稳字当头，巩固市场稳中向好势 头。及时做好逆周期调节，强化交易监管和信息披露监管，严肃查处过度炒作乃至操纵市场等违法违规 行为，坚决防止市场大起大落。会议还提到，2025年全年上 ...

陕西省通过制度设计有效构建市场价格的下限保护机制。1）批发侧：强调市场力监测，"供需比＞ 1.5"情形下设置基准电价浮动系数与报价收益系数，防止现货价格极端踩踏。同时对统调火电报价实施 常态化同质性测试，抑制恶性竞争。2）零售侧：2026年市场化用户分时价格不再执行政府规定的峰谷 分时电价，而是由中长期+现货形成的市场价决定，并要求售电公司与用户按月、按小时约定分时价 格，实现批零两侧价格强挂钩，减少"零售倒挂"的无序压价。制度设计层面强化约束，加上煤电及新能 源供给端扩张相对温和，预计在容量电价机制的对冲作用下，陕西省综合电价的下行幅度可控。公司发 电机组大多为近几年投产的新机组，技术先进，截至2024 年，已核准装机中超（超）临界机组占 89.04%，能效与调峰能力居行业前列，技术优势有望进一步降低运营成本，并在辅助服务市场中获取 更高的调峰收益。 公司依托煤电一体化布局实现上下游协同，业务成长空间广阔。 截至2025 年三季报，公司煤电在役装机1123 万千瓦，在建402万千瓦，核准筹建200 万千瓦。煤矿投产 产能2400 万吨/年，赵石畔煤矿（600 万吨/年）于2025 年8 月进入联合试运转，预 ...

Group 1: Company Overview and Financial Performance - The company achieved a revenue growth from 50 million to 1 billion yuan, nearly a 20-fold increase since the investment by Hubei State-owned Assets in 2021, which was at a price of 1 yuan per share for a total investment of approximately 250 million yuan [1] - The company is currently developing a "dual main business" strategy through three subsidiaries: Tianji Zhigu, Hongchuang Intelligent, and Carbon Space, focusing on high-end manufacturing and "dual carbon" initiatives [1][2] Group 2: Technological Advancements - Tianji Zhigu has developed proprietary design capabilities for ADboard driver boards and low-power, high-efficiency backlight designs, establishing stable partnerships with well-known clients like Lenovo and Acer [3] - The company is expanding its product categories in traditional commercial displays, including high-refresh-rate gaming monitors and portable displays [3] Group 3: Carbon Reduction Initiatives - The company is actively participating in the coal mine gas utilization market, with significant potential for methane emission reduction, and has established a wholly-owned subsidiary, Hubei Carbon Space Technology Co., Ltd. [4] - The company has initiated projects for low-concentration gas utilization, including a comprehensive utilization project in Liulin, which has been recognized for its significant carbon reduction effects [4][5] Group 4: Production and Sales Capacity - Hongchuang Intelligent plans to produce 300 units annually in its initial phase, with a full capacity target of 500 units per year, focusing on high-end CNC machine tools and intelligent production lines [7] - The MP380A multi-station intelligent CNC machining center can operate five spindles simultaneously, achieving a processing efficiency 4-6 times higher than traditional centers [8] Group 5: Market Strategy and Challenges - The company is adapting to international trade uncertainties and tariff policies by diversifying its market strategy and focusing on emerging markets such as Europe and Japan [9] - The company plans to enhance its governance structure and develop a long-term incentive mechanism to attract and retain key management and technical talents [10] Group 6: Future Plans and Developments - The company is considering a name change to better align with its current business and strategic positioning [6] - A planned capital increase of approximately 600 million yuan aims to improve cash flow and support increased R&D investments [12]