基础化工 超配（维持） 基础化工行业双周报（2025/11/14-2025/11/27） 1-10 月份规模以上工业企业利润总额同比增长 1.9% 2025 年 11 月 28 日 分析师：苏治彬 SAC 执业证书编号： S0340523080001 电话：0769-22110925 邮箱： suzhibin@dgzq.com.cn 行业指数走势 资料来源：iFinD，东莞证券研究所 相关报告 投资要点： 行 业 研 究 证 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 周 报 券 研 究 报 告 ◼ 行情回顾：截至11月27日，近两周申万基础化工指数下跌7.3%，跑输沪 深300指数3.3个百分点，在31个申万行业中排第30名；年初至今，申万 基础化工指数上涨26.0%，跑赢沪深300指数11.2个百分点，在31个申万 行业中排第8名。 ◼ 分板块来看，近两周申万基础化工指数的子板块均下跌，其中非金属材 料板块下跌12.0%、化学纤维板块下跌9.3%、化学原料板块下跌8.4%、化 学制品板块下跌7. ...

绿色发展频传捷报，近日，天津泰达资源循环集团股份有限公司（以下简称"泰达股份"）与所属企业天 津泰达环保有限公司（简称"泰达环保"）在绿色融资领域双双落地，以"双债齐发"的强劲势头，为公司 的绿色征程注入金融动能。 近日，泰达股份成功完成天津地区首单非公开发行低碳转型挂钩公司债券的发行工作。本期债券总规模 10亿元，其中品种一（三年期）与品种二（五年期）各发行5亿元，票面利率分别为2.59%和3.13%，认 购倍数达3.53倍和2.12倍，市场认购踊跃。作为一家聚焦循环经济的实体产业公司，泰达股份此次融资 充分体现了监管部门与资本市场对公司扎实的循环经济产业基础及转型发展前景的高度认可。 本期创新债券的最大特点在于"挂钩"二字。它将债券条款与公司预定的低碳转型目标"垃圾焚烧发电项 目年垃圾处理量"直接关联，这意味着，此次发债不仅是公司拓宽融资渠道的创新举措，更是在用实实 在在的行动，立下了一份必须兑现的低碳转型"军令状"，是公司践行高质量发展、主动进行转型升级、 聚焦循环经济赛道的郑重承诺。 二、泰达环保成功发行绿色定向资产支持票据（ABN）巩固环保主业 一、泰达股份成功发行低碳转型挂钩债券立下"军令状" | ...

气候转型风险压力测试框架 为阿尔巴尼亚银行业 2025年11月 公开披露授权 公开披露授权 公开披露授权 公开披露授权 阿尔巴尼亚银行业气候转型风险压力测试框架 3 目录 | 致谢 4 | | --- | | 缩写词 5 | | 图列表 5 | | 执行摘要 6 | | 1. 简介 8 | | 2. 方法论方法 12 | | 2.1 宏观经济模型 13 | | 2.2 信用风险卫星模型 17 | | 2.3 压力测试模型 18 | | 3. 阿尔巴尼亚低碳转型情景 19 | | 4.低碳转型情景的宏观经济和行业影响 22 | | 5. 低碳转型情景对金融行业的影响 24 | | 5.1 数据 24 | | 5.2 结果 26 | | 6. 结论和政策启示 29 | | 附录 1：部门聚合与分解 31 | | 附录2：压力测试框架 32 | | 附录 3：使用 OLS 规范的鲁棒性检验 33 | 阿尔巴尼亚银行业气候转型风险压力测试框架4 致谢 阿尔巴尼亚银行与世界银行共同制定了该报告。 阿尔巴尼亚银行团队包括纳塔莎·阿梅塔伊（副行长）、克洛迪翁·谢胡（金融稳定部门负责 人）、阿尔廷·坦库（研究部门负责人）、贝 ...

Group 1 - The article discusses the recent rise of the Shanghai Composite Index above 4000 points after a decade, indicating a slow bull market and the need to identify structural investment opportunities [1] - The 2025 Securities Times Analyst Annual Conference will be held in Suzhou, featuring top investment institutions and analysts discussing high-quality development [2] - The conference will include four specialized forums covering 30 research areas, providing insights into market trends and investment strategies [3] Group 2 - The specialized forums will address various topics, including macro trends, industry comparisons, consumer recovery, new pharmaceutical cycles, semiconductor technology, artificial intelligence applications, advanced manufacturing, and low-carbon transitions [4] - Early bird tickets for the conference are available at a discounted price, encouraging participation in the event [5][6] - Different ticket options are offered, including full access, single-day access, and specific forum access, with early bird discounts available for all types [7][8] Group 3 - The specialized forums are scheduled for December 18-19, with sessions starting in the morning and afternoon, focusing on macroeconomics, health, consumption, advanced manufacturing, and technology [9]

在亚马孙雨林的门户城市——贝伦，街头行驶的是一辆辆中国新能源汽车比亚迪（002594）。它们车身 印着COP30（联合国气候变化框架公约第三十次缔约方大会），正成为这场气候大会最活跃的移动名 片。 深耕巴西，绿色足迹赢得市场认可 这里是巴西北部的雨林门户，交通网络原本并不发达，但在大会期间，130台比亚迪新能源车组成接驳 车队，穿梭于场馆与酒店之间，稳健地接送着各国元首和与会代表。 它们驶过之处，不排放一丝尾气，以实际行动向世界诠释着"低碳出行"的真实含义。 作为全球新能源汽车行业的领军者，比亚迪此次以官方合作伙伴身份亮相COP30，不仅提供了车辆，也 向全球分享了来自中国的绿色转型智慧。 亮相COP30，创新技术驱动低碳未来 当地时间11月17日，比亚迪巴西分公司总经理李铁在COP30边会上表示，"在全球低碳转型浪潮中，新 能源汽车的普及是交通领域碳减排的核心路径，比亚迪通过第五代DM超级混动技术、兆瓦闪充等创新 科技，让好的技术人人可享，推动了数百万传统燃油车用户向新能源汽车过渡。我们希望与全社会携 手，共筑可持续的低碳城市。" 自2008年提出太阳能、储能与电动汽车三大绿色梦想以来，比亚迪已构建从能源获 ...

文 / 高歌 五年之间，有关煤电功能定位从"基础保障性电源"转换为"支撑调节性电源"。 "十五五"期间，我国能源电力发展将围绕"加快建设新型能源体系、构建新型电力系统、推进能源强 国建设"三大核心目标展开。 但现实情况是，2025年9月国内电力行业动力煤消费量 接近 22 亿吨 这意味着煤电仍 起到阶段性 的支撑作用，其总量趋势将随新能源替代加速而逐步下行。 否则，只能重演2005到2012年"上大压小"的周期式休克疗法， 而难以形成持续渐进的结构优化。 与此同时，新能源规模扩张与消纳挑战并存：截至2025年9月，全国风电和太阳能发电装机容量已 达到 17 亿千瓦，占全国发电装机的46%；今年前三季度，风光发电量合计达1.7 万亿千瓦时，占 同期全社会用电量的22.3%。2025年上半年全国弃风率6.6%、弃光率 5.7%，较2024年有所上升 。 一个共识是， 当 新能源规模越来越大、电量占比越来越高，新能源发展 将会 遇到 系统消纳压力加 大、要素保障难度增加等挑战， 因此 需 将 新能源开发、建设和运行模式 的 转变 提上 议程 。 从政策、技术层面看，实现上述目标有哪些核心挑战又该如何破解？卓尔德 （ ...

江苏无锡：针对市场需求 技能课程赋能新兴产业 浙江金华：打破瓶颈 为技能人才铺就成才路 今年以来，江苏无锡人社部门联动高校与社会机构，围绕市场急需紧缺职业，推出无人机驾驶员、新能源车维修等一批新课程。 课程采用"线上+线下"相结合的培养模式，学员结业后可直接考取国家认可的五级职业技能等级证书。 低碳转型 催生绿色新职业 随着我国建成全球规模最大的清洁能源体系，储能电站运维管理员、风电场叶片维修工等新职业、新工种从无到有，一大批复合 型人才投身到绿色服务的岗位中。借助低碳楼宇数智管控平台，建筑节能减排咨询师能在手机上调控一栋办公大楼的600多台空调， 每年减少20%的碳排放。依托物联网、大数据等技术，电力聚合运营员把城市中分散的电力资源聚合成一个"虚拟电厂"，实时进行优 化调度，用电高峰期，在不影响用户体感的同时，让空调负荷降低10%以上。 各地也不断打造人才培养新生态。日前，浙江省金华市武义县针对乡土人才、新就业形态群体，举办技能带头人选拔大赛。除了 涵盖工业机器人系统操作员、无人机驾驶员等项目，还首次纳入"宣平小吃"制作，让各行各业的技术能手享受高层次人才待遇。获评 技能标兵的人员可认定中级、高级等职业技能 ...

Group 1 - The core viewpoint emphasizes the importance of rural construction as a key task in implementing the rural revitalization strategy and a significant aspect of Chinese-style modernization [5][6] - During the "14th Five-Year Plan" period, various regions are encouraged to adopt localized approaches to rural construction, leading to significant improvements in rural appearance and enhanced sense of gain, happiness, and security among farmers [5][6] Group 2 - From January to October, the national railway has transported a total of 3.378 billion tons of goods, marking a historical high for the same period, with a year-on-year increase of 3% [11] - The "5G + Industrial Internet" initiative has entered a new phase of large-scale application, with over 20,000 construction projects reported [12] - The green transition during the "14th Five-Year Plan" period is fostering the development of new green jobs characterized by low carbon, environmental protection, and recycling [13]

Core Points - The article highlights the rapid development of green new professions characterized by "low carbon, environmental protection, and circular economy" during China's 14th Five-Year Plan period [1] - The establishment of the world's largest clean energy system in China has led to the emergence of new jobs such as energy storage station operation and maintenance administrators, and wind farm blade repair workers [1] - The widespread application of hydrogen fuel cells in transportation and power generation has also given rise to more specialized new professions [1] Industry Developments - The concept of low-carbon and environmental protection has permeated various aspects of life, resulting in a significant number of composite talents entering green service positions [1] - Utilizing low-carbon building intelligent management platforms, energy-saving and emission-reduction consultants can control over 600 air conditioning units in an office building via mobile devices, achieving a 20% reduction in carbon emissions annually [1] - Leveraging technologies such as the Internet of Things and big data, power aggregation operators can consolidate dispersed urban power resources into a "virtual power plant" for real-time optimization, reducing air conditioning load by over 10% during peak usage without affecting user comfort [1] Employment Trends - During the 14th Five-Year Plan period, the Ministry of Human Resources and Social Security identified 137 green professions covering key areas such as energy conservation, environmental protection, clean energy, and green services [1]

Core Insights - The COP30 conference in Belem, Brazil, has seen a significant turnout, reflecting the global urgency surrounding climate change issues [1][2] - Key discussions at the conference include enhancing Nationally Determined Contributions (NDCs), funding arrangements, just transitions, and global carbon market mechanisms, with a notable focus on China's climate policies and technological solutions [2][3] - Tencent showcased its digital solutions, including the "Carbon LIVE" platform, aimed at connecting technology providers, application users, and funding sources to facilitate carbon reduction efforts [3][4] Climate Action and Technology - The "Carbon LIVE" platform has evolved to support various international initiatives, including the UNSH platform and the Global Low Carbon Technology Joint Search (CTS), enabling users to publish needs and seek technological solutions [4][5] - Tencent's "Carbon Seeking Program" aims to gather innovative low-carbon technologies to support developing countries, focusing on areas like carbon removal and long-duration energy storage [5][6] - The company emphasizes the importance of engaging the gaming community to raise awareness and promote climate action through interactive experiences [6][7] Data Center Sustainability - Tencent is addressing the rising energy demands of data centers, which are projected to double by 2030, by committing to achieve carbon neutrality across its operations and supply chain by 2030 [7][8] - The company is implementing energy-efficient practices in its data centers, including strategic site selection and the use of renewable energy sources, with 22% of its total electricity coming from green energy [7][8] - Tencent's microgrid project in Huailai, which integrates wind, solar, and storage, has successfully reduced carbon emissions by nearly 8,000 tons annually and saved over 3.5 million yuan in electricity costs [10]