如今，厚源生物的产品广泛用于食品、医药、燃料乙醇等领域。近年来，公司还与中粮生物、正大集团 等龙头企业建立了长期稳定的绿色供应链合作。 厚源生物的转型故事，正是孟州市产业升级、绿色转型的一个生动缩影。 党的二十届四中全会提出，加快经济社会发展全面绿色转型，建设美丽中国。 11月11日，在孟州市厚源生物科技有限公司（以下简称"厚源生物"）数字化集成控制中心，锅炉蒸汽流 量、烟气含氧量、循环水电耗、车间设备电耗等数据，实时跳动在智能化操作系统显示屏上。 "过去管理能耗靠经验、靠估算，现在靠数据。"该公司总经理汤瑞安深有感触，"这个系统就像给工厂 装上了'碳足迹X光机'，哪个环节在'浪费'，哪里可以'优化'，一目了然。" 数据赋能的改变，实实在在落在了效益与环保的"账本"上。依托这套智能系统，厚源生物精准锁定节能 靶点，推进锅炉烟气余热回收和蒸汽冷凝水循环利用两大关键项目，年节约标煤达1800余吨，减少二氧 化碳排放约4700吨。 在该公司生产环节，其节能降碳"组合拳"打得既精准又全面：生产线照明集体"换装"节能灯具，老旧空 压机升级为永磁变频节能机组，大功率设备加装变频器"控电"，生产线设备更新技改"提效"…… ...

Core Insights - The Chengdu-Chongqing Economic Circle has achieved significant economic growth, with GDP projected to reach 8.7 trillion yuan in 2024, marking a substantial increase and accounting for 6.5% of the national GDP and 30.3% of the western region's GDP [1][2] Economic Development - The Chengdu-Chongqing Economic Circle has crossed two "trillion yuan" thresholds in GDP since its establishment in 2020, indicating robust economic progress [2] - The region's development is increasingly vital for high-quality growth in both the western region and the nation as a whole [1][2] Modernization and Growth Dynamics - The modernization level of the Chengdu-Chongqing Economic Circle is improving, but the growth rate is slowing down, particularly since 2022, transitioning from rapid expansion driven by policies and investments to a phase focused on structural optimization and endogenous growth [2][3] - The internal spatial structure of the economic circle is stabilizing into a "spindle-shaped" configuration, with new growth poles emerging, such as Mianyang, while absolute disparities between regions are widening [2] Innovation and Industrial Development - Innovation is identified as a critical driver for future high-quality development, with a focus on establishing a nationally influential technology innovation center [4] - The region's higher education institutions have strong complementary capabilities, but there is an imbalance in discipline development and a need for more advanced scientific infrastructure [4][5] - Strategic emerging industries and green transformation are essential for enhancing development quality and efficiency, leveraging the region's rich ecological resources and solid industrial foundation [5] Urbanization and Integration - There is significant potential for economic growth in the western region through urbanization, emphasizing the need to enhance the comprehensive carrying capacity of urban clusters and improve urbanization levels [6]

Core Viewpoint - The article emphasizes the importance of the "15th Five-Year Plan" in enhancing technological innovation, optimizing internal economic structure, and promoting domestic demand while maintaining a confident approach to external openness [2][3][4]. Group 1: Macroeconomic Context - The "15th Five-Year Plan" is positioned as a critical phase for China's economic development, focusing on higher requirements for technological innovation and the importance of industrialization and scale [2]. - The development environment has changed significantly compared to the "14th Five-Year Plan," with breakthroughs in technological innovation, a downward financial cycle, and a more complex geopolitical landscape [3]. Group 2: Supply-Side Enhancements - The emphasis on building a modern industrial system is crucial, with a focus on enhancing supply capabilities and increasing the demand for technological innovation [4][5]. - The plan outlines specific directions for traditional industries, including strengthening their global competitiveness, while also highlighting strategic emerging industries such as new energy and quantum technology [5][6]. Group 3: Innovation and Technology - The "15th Five-Year Plan" aims to enhance independent innovation capabilities across core technologies, industries, talent, and the digital economy [6]. - Key areas for technological breakthroughs include integrated circuits, advanced materials, and biomanufacturing, with a focus on full-chain support for innovation [6][7]. Group 4: Demand-Side Strategies - The plan recognizes the need to boost domestic demand, with a target to increase the consumer spending rate significantly [9][10]. - Strategies to enhance consumption include improving institutional mechanisms, increasing quality supply, and removing unreasonable restrictions on consumption [10][11][12]. Group 5: Social Welfare and Employment - The plan emphasizes the importance of improving social welfare and employment to support consumer spending, with a focus on high-quality employment and equitable income distribution [12][13]. - Policies aimed at enhancing social security and reducing the financial burden on households are highlighted as essential for stimulating demand [13][14]. Group 6: External Openness - The "15th Five-Year Plan" promotes a more proactive and autonomous approach to external openness, emphasizing the importance of balancing imports and exports [15][16]. - Financial openness is identified as a key area for enhancing China's global financial standing, with a focus on increasing the internationalization of the RMB [17][18].

Group 1 - Jiangsu Province has announced the first batch of 30 zero-carbon (near-zero carbon) factories, with three companies from the city making the list, ranking first in the province for the number of entries [1] - Zero-carbon factories must achieve a self-reduction rate of no less than 80% based on provincial or higher-level green factory standards, while near-zero carbon factories must reach a self-reduction rate of over 50% [1] - BorgWarner's Suzhou facility focuses on the development and manufacturing of power control modules for electric vehicles, implementing advanced energy-saving technologies and achieving 100% renewable electricity usage last year [1] Group 2 - Companies included in the near-zero carbon factory list are Jiangsu Yongding Co., Ltd., Kunshan Huaguan Trademark Printing Co., Ltd., and Jiangsu Hengtong Power Cable Co., Ltd. [2] - Yongding is recognized as a green leader in the optical cable industry, optimizing production processes through green innovation and establishing distributed photovoltaic power stations [2] - Since 2022, the city has initiated the construction of 19 zero-carbon factories and 80 near-zero carbon factories, laying a solid foundation for provincial-level zero-carbon (near-zero carbon) factory development [2]

Core Insights - The Spanish-speaking countries are increasingly adopting an open and rational approach towards understanding China, reshaping their relationships with the world while engaging in dialogue with China [2][5] Group 1: Development of Chinese Studies - Over the past 20 years, Chinese studies in Spanish-speaking countries have matured and diversified, with universities and research institutions in Spain, Mexico, Argentina, Chile, and Colombia establishing Chinese research centers and related degree programs [2][3] - The focus of Chinese studies has expanded from language and history to include politics, economics, law, international relations, communication, and culture, forming a systematic body of knowledge [2][3] - The year marks the 20th anniversary of the comprehensive strategic partnership between Spain and China, leading to strengthened academic and research cooperation characterized by a multidisciplinary approach [2][3] Group 2: Academic and Cultural Exchange - Increased economic ties have fostered cultural and educational exchanges, with more Spanish-speaking youth studying in China through scholarship programs and expanding collaborations between Confucius Institutes and universities [3][4] - Joint research, international forums, and collaborative publications are on the rise, laying the foundation for a sustained academic network [3][4] - Current research topics of interest include Chinese-style modernization, international relations, digital economy, green transformation, rule of law, and social governance, reflecting a diverse academic focus [3][4] Group 3: Independent Narratives and Methodologies - Spanish-speaking countries are striving to move away from reliance on Anglo-American academic paradigms, aiming to construct their own distinctive "Chinese narrative" that emphasizes historical connections, social equity, and civilizational dialogue [4] - There is a growing recognition that understanding China's development path and governance concepts should incorporate local cultural traditions and humanistic spirit [4] - The potential for growth in Chinese studies in Spanish-speaking countries is significant, with emerging research areas such as digital transformation, sustainable development, artificial intelligence ethics, and global governance [4][5] Group 4: Generational Shift and Global Civilizational Initiative - A generational shift is evident, with younger scholars in Spanish-speaking countries increasingly viewing China as a partner in addressing global challenges rather than a distant entity [5] - The global civilization initiative proposed by China offers a new platform for equal dialogue among civilizations, aligning well with the cultural traditions of Spanish-speaking countries [5] - The historical experience of multicultural coexistence in Spanish-speaking countries enhances their understanding of the necessity for civilizational mutual learning [5]

Financial Performance - In the first three quarters of 2025, the company achieved a net profit attributable to shareholders of 3.01 billion CNY, a year-on-year increase of 75.13% [1] - The net profit for the third quarter alone was 1.45 billion CNY, representing a year-on-year growth of 106.53%, marking a historical high in operational performance [1] - The significant growth is attributed to the successful green transformation, continuous growth in installed capacity of the new energy business, and improved investment management performance [1] New Energy Business - In the first half of 2025, the subsidiary Yuexiu New Energy generated operating revenue of 2.199 billion CNY, a year-on-year increase of 122.37%, and a net profit of 516 million CNY, up 133.80% [2] - The new energy financing leasing business focused on solar, wind, and energy storage, with new investments totaling 5.679 billion CNY, promoting diversification in the new energy product system [2] Investment Management Strategy - The investment management business adheres to a strategy of "industry alliance + research-driven," focusing on high-end equipment manufacturing, semiconductors, new energy, and biomedicine [3] - Since 2025, the company has added 11 new IPO projects, including 7 strategic placements, which are expected to yield significant returns [3] Shareholder Returns - The company has consistently prioritized investor returns, having distributed a total of 6.786 billion CNY in cash dividends since its listing in 2000, with a cash dividend rate of 37.04% for 2024 [4] - In 2025, the company introduced a mid-term dividend plan, distributing 450 million CNY (before tax) on November 12 [4] - Future plans include enhancing core competitiveness and maintaining a stable profit distribution policy while addressing sustainable development and investor interests [4]

Group 1 - The recent significant adjustments in A-shares are attributed to large funds rebalancing their portfolios, with the Shanghai Composite Index consolidating around the 4000-point mark, indicating potential upward momentum in the future [3][4]. - Data shows that by Q3 2025, large funds increased their positions in the pan-technology sector by over 10%, reaching nearly 40%, a historical high that is unsustainable, prompting a necessary rebalancing [5]. - Historical trends indicate that large funds have previously "herded" into sectors, such as bank stocks in 2009, which were considered growth stocks due to rapid economic expansion [5]. Group 2 - The "anti-involution" stocks and resource stocks (such as precious metals) are highlighted as sectors that have not been discredited, with the Chinese government's focus on high-quality development supporting this trend [7]. - Precious metals like gold are expected to benefit from a weakening dollar and increased demand due to geopolitical risks, while copper is seen as essential for green transformation, with demand surging from sectors like AI and electric vehicles [7][8]. - Aluminum demand is also projected to rise due to its applications in lightweighting for electric vehicles and solar energy, with supply constraints leading to a bullish outlook on prices [7][8]. Group 3 - Recent economic data, particularly the positive CPI figures, have raised expectations for economic recovery, leading to a rebound in some consumer stocks [10]. - The long-term investment perspective emphasizes the importance of patience, as short-term market movements are often driven by emotions rather than fundamentals [10].

Core Insights - The report highlights that over 80% of Chinese enterprises in Europe are experiencing increased uncertainty due to tightening EU regulations, with 81% of respondents indicating a heightened sense of uncertainty in the current business environment [1][2] - Despite these challenges, Chinese companies demonstrate strong resilience, with 53% reporting revenue growth in Europe and 62% expecting continued revenue increases in 2025 [2][4] Group 1: Business Environment and Challenges - The overall business environment for Chinese companies in Europe has been rated at 61 points for 2025, a significant decline from 73 points in 2019, indicating a continuous deterioration over six years [4][5] - 90% of surveyed enterprises believe that the EU's "de-risking" and "economic security" policies negatively impact their operations, leading to stricter investment reviews and increased market entry barriers [5][6] - The tightening of foreign direct investment review mechanisms by the EU has raised compliance costs and uncertainty for Chinese companies, with 43% of respondents adjusting their investment plans due to these reviews [6][7] Group 2: Investment and Growth Outlook - Despite the challenges, 50% of surveyed Chinese enterprises plan to increase their investments in Europe by 2025, reflecting a warming investment sentiment compared to previous years [2][4] - The report indicates that Chinese companies are increasingly focusing on greenfield investments, particularly in the electric vehicle and battery sectors, aligning with the EU's green transition strategy [6][7] Group 3: Strategic Cooperation and Future Directions - The report emphasizes the need for both sides to innovate dialogue mechanisms and deepen mutual understanding, particularly in areas like green manufacturing and high-end production [3][8] - As the 50th anniversary of China-EU diplomatic relations approaches, there is a call for enhanced cooperation across trade, technology, education, culture, and climate action to rebuild trust [8]

Core Viewpoint - The 2025 China Petroleum and Chemical Industry Green High-Quality Development Conference highlighted exemplary cases of comprehensive green transformation, with a focus on sustainable practices in the coal chemical wastewater treatment sector [1] Group 1: Conference Highlights - The conference took place in Guangzhou from October 28 to 29, 2025, recognizing typical cases of green transformation in the industry [1] - China Chemical's Donghua Engineering Technology Co., Ltd. was awarded for its project on "Zero Discharge of Coal Chemical Wastewater and Collaborative Development of Resource Recycling," which serves as a replicable model for the industry [1] Group 2: Key Innovations of the Case - The project emphasizes a comprehensive lifecycle governance system that addresses key challenges in coal chemical wastewater treatment, achieving systematic breakthroughs from source reduction to resource regeneration [1] - Four major innovative highlights were presented: 1. Implementation of lifecycle governance through key technologies such as source resource collaboration, biological enhancement treatment, low-consumption concentration, and salt resource recovery, leading to efficient recovery of water and salt [1] 2. System coupling optimization of "water-energy-waste" technology paths aimed at low-carbon, economical, and stable operations, overcoming high energy consumption and carbon emissions through energy-saving unit processes and process coupling [1] 3. Development of an intelligent control platform with real-time configuration and smart diagnostic models to enhance system monitoring sensitivity and operational efficiency [1] 4. Realization of a resource recycling loop for "wastewater-salt-acid-base" through efficient quality crystallization and precise impurity control, converting recovered salts into industrial-grade products and further into acids and bases, promoting a shift towards resource circular utilization [1]

Core Insights - The article highlights the proactive approach of the Guangling Ecological Environment Bureau in assisting local foundries, particularly the Chaolong Machinery Foundry, in overcoming environmental compliance challenges while promoting green transformation [1][2][3] Group 1: Background and Challenges - The Chaolong Machinery Foundry faced multiple environmental issues, including weak control of unorganized waste gas, insufficient dust control during production, and non-compliant waste gas collection systems [1] - The foundry's challenges were exacerbated by technical shortcomings and lack of experience, which hindered timely upgrades to their environmental management systems [2] Group 2: Support and Solutions - The Guangling Ecological Environment Bureau implemented an "on-site teaching + cross-regional collaboration" model, allowing foundry personnel to learn from successful case studies, such as the Jiangsu Zijin Power Co., Ltd [2] - The bureau actively participated in the development of a tailored environmental improvement plan, ensuring compliance with the "Comprehensive Air Pollution Control Plan for the Foundry Industry" [2][3] Group 3: Implementation and Results - The bureau provided continuous support during the implementation phase, overseeing the installation of bag dust removal facilities and ensuring proper construction practices [3] - By early November, the foundry successfully completed its environmental upgrades, with operational dust removal systems and effective air collection mechanisms in place [3] Group 4: Future Directions - The Guangling Ecological Environment Bureau plans to maintain its dual focus on regulation and service, aiming to assist enterprises in achieving sustainable development while ensuring environmental protection [8]