在上海"浦江之首"眺望，江、河在此交汇，勾勒出上海"水上门户"的浩渺气象；辰山植物园讲述着生态修复与生物多样性的动人故 事；广富林文化遗址公园诉说着"上海之根"的厚重历史……这些闪亮的城市地标，共同构成了松江区在"十四五"期间以生态为底 色，绘就的"科创、人文、生态"现代化新松江生动画卷。 "十四五"时期，松江区坚定走生态优先、绿色发展之路。全区启动国家生态文明建设示范区创建，聚力打造"绿水青山就是金山银 山"实践创新基地，深入推进"无废城市"建设。农业绿色发展指数位居全国前列，绿色食品认证率48.9%，连续5年全市第一。全区 森林覆盖率从18.57%提升至19.42%。自2020年起，连续5年在全市水源地生态补偿考核中获得"优秀"。生态环境执法综合考核成绩 在全市位居前列，2021年以来，荣获生态环境部"两打"、执法大练兵表现突出集体称号，社区低碳建设样板在全国引领示范。 绿色发展激活G60科创发展新引擎 作为长三角G60科创走廊的策源地，松江区深化"一廊九区"产业空间布局，聚焦集成电路、生物医药、人工智能、新材料、新能 源、智慧安防、卫星互联网、信创等"6+X"战略性新兴产业，推动经济结构向"绿"而行。 ...

来源：睿见Economy 徐经纬回顾了互联互通机制11年来的发展，该机制已从股票扩展至债券、ETF及衍生产品，覆盖超4400 家中国内地相关股票，成为外资配置中国资产的主要渠道。 他特别提到，港交所过去十年IPO集资总额达3000亿美元，持续保持全球领先地位。未来，港交所将通 过特专科技上市机制（18C章）重点支持AI、芯片等硬科技企业，并依托CoreClimate平台推动低碳经济 与ESG发展，不断提升香港国际金融中心的活力与竞争力。 由中国人民大学主办的2025深圳国际金融大会于11月19日至21日在深圳举行。香港交易所董事总经理徐 经纬发表主题演讲，强调港交所作为"超级联系人"，致力于"立足中国，连接世界"。 他指出，港交所不仅是监管者和运营者，更通过伦敦、纽约、利雅得等全球8个办公地，构建起连接中 国与中东及全球市场的网络。 ...

人民财讯11月19日电，11月19日，第十九届深圳国际金融博览会开幕，"2025中国金融机构年会暨中国 证券业资产管理高峰论坛"同步举行。东方基金副总经理张晓丹接受券中社记者采访时表示，东方基金 始终将服务实体经济、帮助投资者分享经济发展成果作为根本宗旨。在产品布局上，公司紧密围绕经济 转型与产业升级主线，先后在创新科技、新能源汽车、人工智能、低碳经济等行业进行了布局，旨在深 耕中国经济转型和产业升级的细分领域，引导资金流向国家战略支持的重点领域；布局了绿色普惠主题 金融债券基金和养老目标FOF等产品，力争满足不同类型投资者的多元化投资需求。 ...

Group 1 - Brazil has been China's largest trading partner for 16 consecutive years, with bilateral trade exceeding $100 billion for seven consecutive years [6] - The 8th China International Import Expo (CIIE) highlighted a "green" theme, coinciding with the opening of COP30 in the Amazon region, emphasizing its importance in global climate governance [1][3] - Brazilian companies showcased products and technologies derived from renewable resources, aiming to contribute to a low-carbon, high-quality economy [1][3] Group 2 - The Brazilian government announced a temporary capital move to Belém during COP30 to underscore the Amazon's significance in global environmental agendas [3] - Companies like Suzano are focusing on biodiversity restoration and have developed a decarbonization white paper aligned with China's carbon neutrality goals [3][5] - The event provided opportunities for Chinese companies to collaborate with Brazilian partners, particularly in green finance, renewable energy, and sustainable agriculture [5][6]

Core Viewpoint - The successful listing of Fengbei Bio on the Shanghai Stock Exchange marks a new benchmark for the capitalized development of the waste oil recycling industry, initiating a new phase of scaled growth [1] Group 1: Technology Leadership - Fengbei Bio is a leader in the domestic biodiesel industry, focusing on oil modification and comprehensive utilization to achieve multi-field applications of biodiesel [2] - The company has a market share ranking among the top in the biodiesel sector, supported by its continuous R&D investments and a strong patent portfolio of 135 patents, including 33 domestic invention patents and 3 international invention patents [2] - The company actively participates in industry standard formulation and has established unique process advantages in raw material pretreatment, catalyst recycling, and automated continuous production, enhancing its competitive edge [2] Group 2: Market Expansion - Fengbei Bio has built a complete resource recycling industry chain from waste oil to biodiesel and biobased materials, leveraging its core technology and channel advantages to serve a wide range of clients in the agricultural chemical sector and global commodity trading [4] - The company’s low pour point biodiesel effectively addresses industry pain points related to crystallization and pipeline blockage in cold environments, giving it strong market competitiveness in colder regions [4] - The company has obtained ISCC certification for its biodiesel products, achieving a leading market share in the domestic agricultural chemical sector [4] Group 3: Performance and Growth - From 2022 to the first half of 2025, the company’s revenue has shown steady growth, achieving 1.709 billion, 1.728 billion, 1.948 billion, and 1.478 billion respectively [5] - The company’s green, renewable, and biodegradable biobased materials and fuels exhibit significant market potential against the backdrop of global fossil resource scarcity and carbon neutrality strategies [5] - With the gradual release of production capacity from fundraising projects and enhanced market expansion efforts, the company’s market position and growth potential are expected to further improve [5]

Group 1 - The core point of the news is that Haibo Sichuang's stock price has dropped by 5.08%, currently trading at 270.41 CNY per share, with a total market capitalization of 48.699 billion CNY [1] - Haibo Sichuang focuses on the research, production, and sales of electrochemical energy storage systems, providing a full range of energy storage system products and solutions for various sectors including traditional power generation, renewable energy, smart grids, and end power users [1] - The company's main business revenue composition is as follows: energy storage systems account for 99.77%, new energy vehicle leasing for 0.10%, other services for 0.07%, and technical services for 0.06% [1] Group 2 - From the perspective of fund holdings, one fund under Dongfang Fund has heavily invested in Haibo Sichuang, specifically the Dongfang Low Carbon Economy Mixed A fund, which holds 4,466 shares, representing 2.82% of the fund's net value [2] - The estimated floating loss for the fund today is approximately 64,700 CNY [2] - The Dongfang Low Carbon Economy Mixed A fund was established on March 4, 2025, with a current scale of 24.1872 million CNY and a cumulative return of 20.17% since inception [3]

Core Viewpoint - Longkun Technology (301305.SZ) reported strong financial performance for Q3 2025, with significant year-on-year growth in both revenue and net profit, driven primarily by the sustainable aviation fuel (SAF) market and rising prices of used cooking oil (UCO) [1][2][3] Financial Performance - For the first three quarters of 2025, Longkun Technology achieved a revenue of 1.39 billion yuan, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 250 million yuan, up 28.9% [1] - In Q3 2025, the company reported a revenue of 530 million yuan, reflecting an 8.3% year-on-year growth, and a net profit of 100 million yuan, which is a 39.6% increase compared to the same period last year [1] - The company's Q3 performance set historical highs for both quarterly and year-to-date results, significantly exceeding market expectations [1] Market Dynamics - The demand for SAF has surged due to regulatory policies mandating blending of aviation fuel in various countries, leading to increased competition for raw materials [2] - As of October 2025, the price of UCO abroad reached $1,116 per ton, a 12% increase since the beginning of the year, while domestic prices for waste cooking oil have risen to 6,850 yuan per ton, a 19% increase [2] Business Operations - Longkun Technology is a key player in the UCO market, leveraging its comprehensive waste oil collection and processing system to enhance profitability [3][4] - Approximately 55% of the company's revenue and 52% of its gross profit in the first half of 2025 came from bioenergy products, with rising UCO prices positively impacting profit margins [3] - The company operates 35 biomass resource regeneration projects, with 21 already in operation, and holds the leading market share in major cities like Beijing, Shenzhen, and Guangzhou [4] Strategic Initiatives - In 2023, Longkun Technology initiated a significant strategic transformation towards biotechnology, focusing on synthetic biological manufacturing [5] - The company’s subsidiary, Longjian Biotechnology, has received approval for its human milk oligosaccharides (HMOs) product, positioning it as the first domestic enterprise to achieve this milestone [5] - The HMO project is expected to scale production by 2026, tapping into the growing market for high-value nutritional components as consumer awareness of "precision nutrition" increases [5]

Core Viewpoint - The company, Shantui Construction Machinery Co., Ltd. (山推股份), is focusing on expanding its product matrix and enhancing market share while advancing its smart construction business and global presence [2][4]. Group 1: Growth Strategy - The company aims to leverage its core industry chain advantages to enrich its product offerings and increase market share [2]. - It is committed to deepening its smart construction business layout and advancing towards intelligent solutions [2]. - The company plans to strengthen its global footprint while maintaining a leading position in the international market [2]. - A business model upgrade is underway, focusing on creating a closed-loop business around the entire lifecycle of construction machinery [2]. Group 2: New Product Development - The company adheres to a market-oriented approach, driven by quality and core intelligent technologies, while following a positive R&D process for new product development [3]. - Notable product launches include the world's first I intelligent bulldozer on June 18, 2025, and the world's first I pure electric unmanned bulldozer on September 2, 2025 [3]. - The company showcased two hybrid mining equipment models at the Shandong Heavy Industry Group exhibition, emphasizing its commitment to providing low-carbon and economical construction solutions [3]. Group 3: Major Projects Participation - In the first half of 2025, the company participated in various significant projects, including open-pit coal mining projects in Xinjiang and Inner Mongolia, photovoltaic sand control projects, and international infrastructure projects in Burkina Faso, Kyrgyzstan, and Morocco [4]. - The company continues to leverage its advantages in product quality, brand reputation, and cultural strengths in these projects [4]. Group 4: Financial Performance - For the first half of 2025, the company reported a main revenue of 7.004 billion yuan, a year-on-year increase of 3.02%, and a net profit attributable to shareholders of 568 million yuan, up 8.78% [5]. - The second quarter of 2025 saw a main revenue of 3.703 billion yuan, a 3.17% increase year-on-year, with a net profit of 296 million yuan, reflecting a 4.66% rise [5]. - The company’s net profit after deducting non-recurring gains and losses reached 559 million yuan, marking a significant year-on-year increase of 36.48% [5]. Group 5: Analyst Ratings and Predictions - Over the past 90 days, six institutions have rated the stock as a buy, with an average target price of 13.04 yuan [6]. - Detailed earnings forecasts indicate projected net profits for 2025 ranging from 13.08 billion to 14.02 billion yuan, with further growth anticipated in subsequent years [7].

- The report does not contain any specific quantitative models or factors for analysis, construction, or testing results. It primarily focuses on market performance, fund issuance, fund tracking, ETF market trends, and ESG financial products without delving into quantitative modeling or factor construction. [1][2][3][4][6][7][9][11][12][14][16][20][23][24][28][29][30][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48][49][50][51][52][54][55][56][60][61][62][63][64][65][67][68][69][70][72][73][74][75][76][77][78][79]

Market Performance - The Sci-Tech 50 Index decreased by 6.46% over the last five trading days, while the ChiNext Index fell by 5.71%. In contrast, the large-cap value stocks rose by 2.08%, and large-cap growth stocks declined by 3.90%. The Shanghai Stock Exchange 50 Index dropped by 0.24%, and the small-cap stocks represented by the CSI 2000 fell by 4.69%. The banking and coal sectors performed well, while electronics and media lagged behind [1]. Risk Premium and Valuation Levels - As of October 17, 2025, the static PE of the CSI All Share Index indicates a risk premium of 2.97%, calculated as the inverse of the PE minus the yield of ten-year government bonds. The two standard deviation boundary is set at 4.75%. The valuation levels show that the CSI All Share Index's PETTM is at the 77th percentile, with the Shanghai 50 and CSI 300 at 73% and 70%, respectively. The ChiNext Index is close to the 47th percentile, while the CSI 500 and CSI 1000 are at 60% and 54% [1]. Fund Flows and Trading Activity - In the last five trading days, ETF inflows amounted to 68.6 billion yuan, and the margin trading balance increased by approximately 70.5 billion yuan. The average daily trading volume across both markets was 2.1746 trillion yuan [2]. Thematic Indexes - The latest thematic allocations focus on low-carbon economy, new energy, and semiconductor materials. Specific indices include the CSI Mainland Low-Carbon Economy Theme Index, ChiNext New Energy Index, and the Shanghai Stock Exchange Sci-Tech Board Semiconductor Materials Equipment Theme Index [2][3]. Long-Term Market Sentiment - The report includes observations on the proportion of stocks above the 200-day moving average, indicating long-term market sentiment trends [13]. Financing Balance - The report tracks the financing balance, which reflects the overall leverage and risk appetite in the market [16].