在构建现代化经济体系、推动高质量发展的进程中，央企作为国民经济的中坚力量，正将ESG理念深度 融入企业战略与运营，从过去的"经济顶梁柱"逐步转型为更具韧性与担当的"责任压舱石"。 11月26日，2025年金牛企业可持续发展论坛在苏州举办。会上，以"ESG夯实央企核心竞争力"为主题的 圆桌论坛汇聚多位央企代表，共同探讨ESG如何从理念走向实践，从合规要求演变为价值驱动的核心要 素。与会嘉宾一致认为，ESG不仅是央企履行社会责任的体现，更是重塑企业竞争力、引领产业绿色转 型、实现可持续发展的战略抓手。在政策引导与市场驱动的双轮推动下，央企正以系统化、实质化的行 动，推动ESG从报告书走向生产线、从会议室融入供应链，逐步形成具有中国特色的ESG实践路径。 ● 本报记者 杨梓岩 王婧涵 锻造核心竞争力 随着ESG实践的深化，其如何转化为实实在在的企业价值，成为各方关注的焦点。在高发伟看来，ESG 已成为企业应对物理与转型风险、获取市场认可的关键。"公司通过对海上风电项目进行气候风险压力 测试，优化设计以抵御极端天气；在海外项目中主动采用高于当地标准的环保设计，规避社区风 险。"高发伟表示，这些举措不仅增强了资产的韧性 ...

Core Viewpoint - The article highlights the recognition of Tebajia Power as a leading supplier of powertrain systems for new energy heavy trucks, receiving the "2025 Annual Innovation Award for New Energy Heavy Truck Powertrain" at the annual awards ceremony held in Beijing [1][6]. Group 1: Award and Recognition - The "2025 Annual Evaluation" is organized by the First Commercial Vehicle Network, Truck Space Station, and Pickup Space Station, aiming to promote outstanding brands in the commercial vehicle industry and foster healthy industry development [3]. - Tebajia Power's award is a significant acknowledgment of its role as a key component supplier driving technological advancements in the industry [6][8]. Group 2: Technological Innovations - Tebajia's powertrain solutions are based on an "ecological strategy + modular approach," creating a modular platform that includes high-speed motor platforms, power domain controllers, and various modules [6]. - The company has developed a range of products, including dual-motor central drive systems and electric drive bridge systems, addressing the needs of various heavy truck models from 14 tons to 180 tons, with over 400 compatible models across all major domestic heavy truck brands [7]. Group 3: Market Performance - The new energy heavy trucks equipped with Tebajia's powertrain are widely used in over 300 cities in China, particularly in ports, steel mills, and mines, demonstrating reduced operational costs and high reliability [8]. - Tebajia has reached the fourth stage of integrated development, continuously pushing for upgrades in new energy heavy truck power systems [8]. Group 4: Future Directions - Under the guidance of the "dual carbon" goals, Tebajia aims to continue focusing on technological innovation to enhance the efficiency, reliability, and cost-effectiveness of new energy heavy truck powertrains, contributing to the green transformation of the commercial vehicle industry [8].

Group 1: Fixed Income Research - The recent correlation between government bond futures and equity markets indicates a new phase, moving beyond the previous simple "see-saw" logic [3][4] - As of November 21, the 10-day correlation between TL contracts and the CSI 300 index has significantly increased to a historical high since July 2025, suggesting a complex relationship [3][4] - The future dynamics of government bond futures are expected to be influenced by equity market movements, indicating a potential for better resilience in bond futures if growth expectations change [4] Group 2: Computer Industry Research - The release of DeepSeek R1 in 2025 is anticipated to significantly enhance general model reasoning capabilities and reduce costs, marking a turning point for AI deployment in financial institutions [5][6] - AI applications are rapidly penetrating core business and back-office scenarios in various financial institutions, aiming to optimize internal operations and enhance external value [6][7] - Large financial institutions are focusing on private deployment of large models, while smaller institutions are pursuing cost-effective solutions for agile development [8] Group 3: Investment Recommendations - Recommended stocks in financial information services include Tonghuashun and Jiufang Zhitu Holdings, while third-party payment recommendations include Newland and New Guodu [6][7] - In the banking IT sector, recommended stocks include Yuxin Technology and Jingbeifang, with additional recommendations in securities IT and insurance IT sectors [7][8]

Core Viewpoint - The forum emphasizes the importance of international cooperation and technological innovation in achieving carbon peak and carbon neutrality goals, showcasing China's commitment to sustainable development and climate change response [1][2][3]. Group 1: Forum Overview - The Carbon Peak and Carbon Neutrality International Forum was held on November 24, focusing on "Technology Empowering 'Dual Carbon', Green Leading the Future" [1]. - The forum gathered top global political, business, and academic leaders to promote high-level international cooperation in green and low-carbon initiatives [1]. Group 2: Achievements and Goals - Since the announcement of the "dual carbon" goals in 2020, China has made significant progress in transitioning to a green and low-carbon economy [2]. - The realization of the "dual carbon" goals is linked to the deep integration of green low-carbon transformation and digitalization in industrial structures [2]. Group 3: Technological Innovations - Wang Zhonglin presented innovative solutions for utilizing blue ocean energy to replace fossil fuels, highlighting the potential of marine energy [3]. - The development of a composite energy network integrating solar, wind, and tidal energy is projected to provide sustainable clean electricity [3]. Group 4: Strategic Initiatives - China has established the world's largest renewable energy system and is leading in key technologies such as nuclear energy and ultra-high voltage [4]. - The focus is on overcoming challenges in large-scale renewable energy consumption and zero-carbon technologies through innovation [4]. Group 5: Collaborative Efforts - The forum included roundtable discussions and parallel sessions on topics like zero-carbon technology, legal frameworks for carbon governance, and AI in energy innovation [5]. - The event has become a significant platform for fostering consensus and promoting international cooperation in climate change response [5][6].

Group 1: Environmental Protection and Cultural Heritage - The provincial secretary emphasized the need to implement the spirit of the 20th Central Committee and Xi Jinping's ecological civilization thoughts, focusing on the protection and utilization of the Grand Canal's cultural heritage [1][2] - There are ongoing issues with the stability of water quality improvements in the Grand Canal's tributaries, indicating that some environmental problems remain unaddressed [2] - The secretary highlighted the importance of integrating ecological protection with cultural heritage preservation, aiming to enhance the historical, artistic, and scientific value of the Grand Canal [2] Group 2: Corporate Development and Innovation - Companies like Tianli Lithium Energy Co., Ltd. and Chengde Energy Technology Equipment Co., Ltd. are encouraged to align with national "dual carbon" goals, focusing on smart, green, and integrated development [3] - There is a push for increased investment in technological research and development to improve product quality and expand market share, with an emphasis on carbon reduction and safety in production [3] - The secretary called for a deep integration of innovation resources with technology-driven enterprises, aiming to enhance the synergy between innovation chains, industry chains, and talent chains for high-quality development [3]

11月26日，在天津港保税区，中国资源循环集团绿色低碳循环经济示范基地内首个风热、光热耦合示范 项目正式投运。随着风机叶片缓缓转动，意味着退役风机和光伏组件实现"二次上岗"。该项目核心装备 是一台200kW风力磁涡流热泵机组，能将风能直接、高效地转化为热能，实现风能"宜电则电、宜热则 热"的高效利用。这一技术大大提高能源和设备利用率，还实现了对退役风机关键设备的梯次利用。该 项目装备了2块光伏热组件，将太阳辐射转化成电能和热能，实现了太阳能的"双重利用"，也为退役光 伏组件提供了一个有效的高值梯次利用途径。"我们将退役新能源设备梯次利用作为打通'双碳'链条的 关键环节，既缓解风光产业固废压力，又降低清洁供热成本，实现了'循环利用、变废为宝'。"中国资 源循环集团新能源科技有限公司党委书记、董事长王冬容介绍。（新华社） ...

Investment Rating - The industry investment rating is "Positive" and maintained [11]. Core Insights - The Ministry of Ecology and Environment issued the allocation plan for carbon emission rights in the steel, cement, and aluminum smelting industries for 2024 and 2025, focusing on direct carbon emissions during production and implementing a carbon emission intensity control approach starting in 2025 [2][6]. - The allocation mechanism is expected to tighten gradually, which will benefit the demand for green certificates and CCER, leading to improved cash flow for waste incineration companies and supporting the logic of green fuel substitution [2][14]. Summary by Sections Event Description - On November 17, 2025, the Ministry of Ecology and Environment published the allocation plan for carbon emission rights, detailing the distribution range and methods for 2024 and 2025, including issuance, compliance, and carryover of quotas [6]. Event Commentary - The report expresses optimism regarding the demand for green certificates, which is expected to improve cash flow for waste incineration companies. Companies such as Huanlan Environment, Weiming Environmental Protection, and Guangguang Environment are highlighted for their potential [8][14].

Group 1: Heavy Truck Industry Trends - The heavy truck industry in China is experiencing a robust recovery, driven by the "old-for-new" policy and a booming overseas market, with a total sales volume of approximately 929,000 units from January to October 2023, representing a year-on-year growth of 24% [2]. - The market is diversifying in energy sources, with diesel, natural gas, and electric trucks each suited for different applications. Diesel and natural gas trucks excel in long-distance transport, while electric trucks are more suitable for short-distance and fixed-route scenarios [2]. - Sales of natural gas heavy trucks reached 167,000 units with a penetration rate exceeding 26%, while sales of new energy heavy trucks were 158,000 units, approaching a 25% penetration rate [2]. Group 2: Future Market Outlook - The natural gas price is expected to remain stable due to a relaxed supply-demand balance, leading to broader applications for natural gas trucks and an anticipated increase in market penetration [3]. - With ongoing policy support, technological advancements, and improved infrastructure, the market penetration of new energy heavy trucks is also expected to rise [3]. - The company is optimistic about the heavy truck industry's future and aims to enhance its competitiveness in both traditional and new energy products, providing efficient conversion solutions for various energy forms [3]. Group 3: SOFC Business Development - The company is committed to the SOFC sector, continuously innovating and expanding its market presence. A technology licensing agreement with Xilius was signed in November 2025, allowing the company to master core technologies in batteries and systems [3]. - The company focuses on key applications such as AI data centers and industrial parks, launching a new generation of high-power metal-supported commercial products that significantly improve power generation efficiency and operational reliability [3]. - Collaborations with leading domestic and international companies are being established to lay the groundwork for large-scale commercialization, supporting the dual carbon goals and global energy transition [3]. Group 4: Large Bore Engine and Data Center Market Performance - In the first three quarters of the year, sales of the M series large bore engines exceeded 7,700 units, marking a growth of over 30% year-on-year [3]. - Sales in the data center market surpassed 900 units, reflecting a more than threefold increase compared to the previous year, contributing significantly to overall performance [3]. - The rapid iteration of AI technology is driving the expansion of data center backup power markets, leading to a surge in demand for high-end engines tailored for this niche [3].

Core Insights - The report highlights the increasing importance of ESG performance in capital markets, influencing investors' decisions on stock holdings [1] - The concept of "going global" is emphasized, with ESG becoming a critical factor for Chinese companies expanding overseas [1][2] - Companies face compliance and disclosure pressures related to ESG when entering international markets, particularly in the EU [1][3] Group 1: ESG and International Expansion - ESG is becoming a significant consideration for Chinese companies as they navigate international markets, with over 2,000 companies assisted by Deloitte in expanding across 96 overseas markets [1] - The challenges faced by companies include not only ESG compliance but also the need to integrate local sustainable development requirements into their strategic planning [3] - The financing process for projects, especially in renewable energy, is heavily influenced by ESG standards set by multilateral banks, which can impact project timelines and costs [2] Group 2: Carbon Market and Green Energy - The global carbon market is still fragmented, with ongoing efforts to establish a unified trading system, highlighting the need for international cooperation [3] - Deloitte China has committed to carbon neutrality by purchasing renewable energy certificates, achieving 100% renewable energy usage in its offices [4] - The use of green electricity is expected to increase, with companies primarily acquiring it through green certificates, reflecting their commitment to environmental responsibility [4]

据了解，该项目将风热、光热技术与示范基地现有地热系统进行了深度耦合与智能协同，成功构建起风 能、光能与地热优势互补、稳定高效的多元化绿色能源供应体系，探索出一条资源循环利用新路径。 "我们将退役新能源设备梯次利用作为打通'双碳'链条的关键环节，让退役风机、光伏'二次上岗'，既缓 解风光产业固废压力，又降低清洁供热成本，真正实现'循环利用、变废为宝'。"资环新能源党委书 记、董事长王冬容介绍，"未来我们将持续优化风能、光能、地热、生物质等多能互补体系，构建'风光 供热+地热+储能调峰'一体化系统，让退役的风光储设备在清洁供热全领域充分发挥效能。" 同时，该项目装备的2块光伏热(PVT)组件，使得光伏和光热有效结合，可以将太阳辐射转化成电能和 热能，实现了太阳能的"双重利用"，也为退役光伏组件提供了一个有效的高值梯次利用途径。 11月26日，中国资环旗下资环新能源首个风热、光热耦合示范项目在天津港保税区正式投运。 该项目核心装备是一台200kW风力磁涡流热泵机组，其采用基于空气动力学与电磁涡流制热理论的风— 热转换技术，能够将风能直接、高效地转化为热能，实现风能"宜电则电、宜热则热"的高效利用。这一 技术不仅可以 ...