省林业局相关负责人介绍，2026年全省将深入开展绿美广东巾帼、青年、工会、红领巾等系列行动，推 进"先锋林""协会林""巾帼林"等主题林建设；探索"尽责激励+权益优惠"联动模式，为义务植树尽责群 众提供自然保护地门票减免、生态体验优先参与、绿色消费折扣等多样化政策激励，让爱绿植绿护绿兴 绿成为全民自觉。 此次新春植绿是贯穿整个新春假期的生态实践。十部门联动部署的各类主题植树活动在南粤大地遍地开 花，线上线下同频发力，形成全民参与、共建共享的生动格局。 珠三角地区依托城市公园、绿道碧道开设便民植树点，吸引市民家庭、青年志愿者参与认种认养，同步 推进"工会林""劳模林"建设；粤东粤西沿海各地开展"种红树・护海岸"主题活动，引导民营企业参与营 建"绿美广东民企主题林"；粤北生态区组织开展古树名木抢救复壮、森林抚育提升等志愿行动，将古树 名木认捐认养纳入义务植树尽责形式。 据悉，新春植树活动所选苗木均兼顾生态价值与岭南特色，坚持优先选用乡土珍贵树种和碳汇能力强的 树种，既注重提升森林生态系统的多样性、稳定性、持续性，也助力林业碳汇产业发展，更与林茶、林 果、林菌等林下经济及森林康养基地建设深度融合。 2月25日，据广 ...

素有"浙西林海"之称的开化县位于钱塘江的源头，森林覆盖率达81%，既是国家重点生态功能区、全国 10个国家公园体制试点之一，也是华东地区重要的生态屏障。 作为浙江省首批林业固碳增汇试点县，"十四五"期间，开化县检察院率先在涉林案件中探索引入"检察 +碳汇"生态修复机制，通过专业测算碳汇损失、引导当事人认购碳汇、资金专项用于生态修复的模 式，破解传统生态修复"一赔了事"难题，为守护钱江源头绿水青山探索出一条兼具法治刚性与温度的生 态保护补偿新路。 株高均超1米，枝叶舒展，远远望去满目苍翠，一派生机盎然的景象。在浙江省开化县池淮镇坝头村， 昔日光秃秃的山头已然披上绿装，3万余株树苗历经一年多时间的精心培育，如今长势喜人。 "这是开化县林业发展有限公司和我们村里共同开发的林业碳汇项目，树苗都是用碳汇认购赔偿金买 的，由我们村负责栽种和日常管理，部分收益还能分给村里呢！"日前，坝头村村干部老余欣喜地向前 来回访的开化县检察院检察官介绍。 一笔生态赔偿金，如何在这里变成漫山新绿？ 常山县检察院依托该县农村投资集团有限公司专项账户，全链条做好引导当事人碳汇认购、监督资金管 理和项目实施等工作，确保碳汇认购赔偿金全部用于造 ...

Core Viewpoint - ST Morning (000488) experienced significant stock price movement on February 13, 2026, reaching a daily limit up with a closing price of 2.28 yuan, reflecting a 5.07% increase [1] Group 1: Stock Performance - On February 13, ST Morning's trading volume was 1.72 billion yuan, with a turnover rate of 4.54% and a net inflow of 29.93 million yuan from main funds, accounting for 17.4% of total trading volume [1] - The stock was categorized as a "bottom volume stock" by the market, with technical indicators showing a trading volume that exceeded the 5-day average by 1.5 times, and the KDJ indicator forming a bullish crossover in the oversold zone [4] Group 2: Industry Trends - The paper industry, to which ST Morning belongs, saw an overall increase on the same day, with forestry concepts, forestry carbon sink concepts, and paper concepts rising by 1.02%, 0.84%, and 0.83% respectively [2] Group 3: Financial Performance - According to the Q3 2025 report, ST Morning reported a revenue of 3.348 billion yuan for the first three quarters, a year-on-year decline of 83.11%, and a net loss attributable to shareholders of 6.008 billion yuan, with losses expanding by 746.05% year-on-year [3] - The company anticipates a total net loss for 2025 ranging from 8.2 billion to 8.8 billion yuan [3]

Summary of Key Points from Conference Call Records Industry Overview 1. Baijiu Industry - The baijiu industry is experiencing cautious expectations for sales during the Spring Festival, with a decrease in the willingness of distributors to collect payments. However, Moutai shows strong demand resilience, with its price rebounding. The misalignment of the Spring Festival holiday is expected to benefit Q1 2026, and policies to stimulate domestic demand may be implemented, leading to increased dividend yields for leading companies and maintaining strong profitability [1][3][5]. 2. Paper Industry - The profitability in the paper industry is shifting towards upstream sectors due to high pulp prices and weak downstream consumption, resulting in narrowed profits for midstream operations. It is anticipated that wood chip and pulp prices will continue to rise in Q1, driving up paper prices. Companies with their own pulp production capacity are expected to see sustained profitability [1][7][8]. 3. Forestry Carbon Sink - China is actively promoting forestry carbon sinks as part of its national climate strategy. Companies capable of developing forestry carbon sinks and possessing forestry resources are worth attention, as the cost-effectiveness of forestry carbon sinks is the highest [1][9]. 4. New Consumption Sector - Leading companies in the new consumption sector, such as Laopu Gold, are currently undervalued with strong performance expectations. The rise in gold prices and discount promotions are driving sales growth. Laopu Gold significantly raised prices in the second half of last year, and substantial growth is expected this year [1][10][11]. 5. Home Appliance Industry - The home appliance industry is showing signs of bottoming out, with expectations for a reversal post-Spring Festival. The implementation of trade-in subsidies is expected to improve retail performance. TCL Electronics is integrating Sony's TV business, opening up profitability potential, and is currently undervalued [1][17][19]. Company-Specific Insights 1. Moutai and Other Baijiu Brands - Moutai is recommended as a key investment due to its undeniable competitiveness. Other notable brands include Luzhou Laojiao, Gujing Gongjiu, and Shanxi Fenjiu, which have significant advantages in competitiveness and operational capabilities, with opportunities to increase market share [1][6]. 2. Paper Companies - Recommended paper companies include Nine Dragons Paper, Sun Paper, and Yueyang Forest Paper, which are expected to see continuous profit improvements due to their upstream integration [1][7][8]. 3. New Consumption Leaders - Key investment opportunities in the new consumption sector include Laopu Gold, which is expected to achieve a performance of 7 to 8 billion yuan in 2026, corresponding to a P/E ratio of about 16 times, reflecting a 50% growth compared to 2025 [1][11][12]. 4. Gold and Jewelry Sector - The gold and jewelry sector is entering a bull market, with companies like Taibai Gang showing significant profit growth and low P/E ratios, indicating substantial potential. The sector is expected to benefit from promotional activities during Valentine's Day and the Spring Festival [1][13]. 5. Livestock and Meat Industry - The livestock sector, particularly beef and pork, is facing supply pressures, with pig prices in a downward cycle. However, the beef market is expected to see price support due to tight supply conditions [1][20][21][23][22]. 6. Pharmaceutical Manufacturing - The CRO, raw materials, and intermediates sectors in pharmaceutical manufacturing are poised for growth in 2026, driven by changes in supply and demand dynamics. Companies like WuXi AppTec and Junshi Biosciences are highlighted as key players in this space [1][24][25]. Additional Insights - The overall sentiment in the market indicates a cautious but optimistic outlook for various sectors, with specific companies showing strong potential for growth and profitability amidst changing market conditions [1][2][4][10][18].

Group 1 - The company Yueyang Lin Paper announced the termination of the "Voluntary Greenhouse Gas Emission Reduction Project Forestry Carbon Sink Development Cooperation Contract" with the government of Shigatse, Tibet, due to policy changes [1][5] - The contract was originally signed on July 14, 2022, by the company's wholly-owned subsidiary, Chengtong Carbon Sink Management (Hunan) Co., Ltd., and was aimed at carbon sink development in Shigatse's forests [1][5] - The termination of the contract will not have a significant adverse impact on the company's production, financial status, or carbon sink business [5] Group 2 - Yueyang Lin Paper is a major domestic producer of cultural paper and commodity pulp, involved in the research, production, and sales of various paper products [5] - The company is expected to report a net loss of between 260 million to 200 million yuan for the year 2025, marking a significant decline compared to the previous year [7] - The anticipated loss is attributed to intensified market competition in the cultural paper sector and a downturn in the landscaping ecological industry, leading to decreased sales prices and profit margins [7]

Core Viewpoint - The carbon trading project in Luhua County, Guangdong, successfully sold 12.29 million tons of carbon reduction, generating 3.38 million yuan in income for local villages and benefiting 106,000 villagers, marking a significant advancement in carbon market initiatives [1] Group 1: Carbon Trading and Economic Impact - Luhua County is the first in Guangdong to achieve secondary carbon trading in forestry, following the province's first county-level carbon trading in 2023 [1] - The carbon trading project has created a complete closed-loop system of "ecological protection - carbon cultivation - market realization - benefit sharing" [1] - The establishment of Guangdong's first "Two Mountains Bank" has innovated the "forest resource asset securitization" model, revitalizing idle forest land resources [1] Group 2: Environmental and Institutional Innovations - Luhua County has a forest area of 75,000 hectares with a forest coverage rate of 73.08%, and has completed significant reforestation and forest quality improvement projects [1] - The county has broken the "single combat" mindset by creating a county-level group trading model, integrating forestry resources from 37 administrative villages [1] - The shift in villagers' perception from "individual land" to "collective assets" has enhanced ecological management and stabilized carbon supply [2]

Core Insights - During the "14th Five-Year Plan" period, Nanjing has implemented various afforestation projects covering 84,000 acres, with over 3,300 acres of new afforestation, equivalent to more than 300 standard football fields [1][3] - The city has also conducted forest nurturing on 250,000 acres and improved low-efficiency forests and restored degraded forests on 32,000 acres, contributing to a vibrant ecological environment [1][3] Summary by Sections - **Forest Carbon Sequestration Initiatives**: In 2021, Nanjing's Greenery and Landscaping Bureau developed the "Nanjing Forestry Carbon Sequestration Three-Year Action Plan" aimed at enhancing forest ecosystem quality and carbon sequestration capacity from 2022 to 2024 [3] - **Progress on Carbon Sequestration**: The city has completed forest carbon sequestration measurement reassessment, showing a 7.78% increase in carbon storage per unit area compared to 2021, with an average annual growth rate of 3.59 tons per hectare from 2021 to 2024 [3] - **Future Plans**: For the "15th Five-Year Plan" period, Nanjing will continue to enhance its forestry carbon sequestration capacity with a focus on "targeted strategies and precise increases" [3]

Core Viewpoint - The implementation plan aims to guide more financial resources towards ecological protection and industrial development in forestry, focusing on five key areas of support [1][2] Group 1: Key Support Areas - The five major areas of focus include ecological protection and restoration projects, specialty economic forests and under-forest economies, forestry industry transformation and upgrading, forest health and ecological tourism, and forestry carbon sinks and green low-carbon projects [1] - The plan emphasizes financial support for the protection of important water sources in eastern Liaoning and the governance of ecologically fragile areas in western Liaoning [1] Group 2: Major Tasks - Eight main tasks are outlined, including increasing credit support for key areas, utilizing structural monetary policy tools, innovating financial products and service models, enhancing the quality and efficiency of forestry loans, and strengthening financial guarantees for national reserve forest construction [2] - The plan encourages the inclusion of various forestry-related assets, such as land use rights and forestry product operating rights, into the collateral scope for loans, thereby activating dormant forestry assets and attracting more financial resources [2]

Group 1 - The company, Yueyang Forest and Paper (600963), is actively monitoring developments related to forestry carbon sink projects at the provincial and municipal levels [1] - The company expresses its intention to seek suitable cooperation opportunities that align with its development and operational needs [1]

Core Points - The first "carbon neutrality" forestry joint meeting in the Yangtze River Delta was held in Lin'an, focusing on "biodiversity protection and the integration of natural protected areas with community development" [1] - A significant cooperation outcome was achieved with the signing of the "Framework Agreement for Joint Forestry Carbon Sink Enhancement Action in the Yangtze River Delta" among Shanghai, Jiangsu, Zhejiang, and Anhui [1] - The next steps include collaborative construction of ecological corridors along coastal, river, and lake areas, emphasizing "overall planning, segmented strategies, and collaborative construction" [1] Summary by Sections Meeting Highlights - Experts and forestry department leaders shared practical experiences in natural protection and green development, providing valuable insights for the Yangtze River Delta's ecological protection and common prosperity [1] - The meeting emphasized the integration of ecological wealth, landscape harmony, and green low-carbon initiatives [1] Cooperation Framework - The four regions will collaborate on technical standards, project development, and cross-regional market construction [1] - A "cross-regional joint management task force" will be established to implement a "permanent office and shared responsibilities" mechanism [1] Future Initiatives - Plans include joint inspections and coordinated control in ecologically sensitive areas along the corridors, as well as the establishment of a smart management platform for real-time data sharing [1] - A "special fund" will be set up for ecological restoration of water sources and corridor construction [1][2] Carbon Market Development - The regions will promote the construction of a cross-regional carbon sink market, accelerating the mutual recognition, circulation, and trading of forestry carbon sink products [2] - Focus areas include carbon sink enhancement in forests, wetlands, and bamboo products, along with innovation research and collaborative efforts in measurement and monitoring [2]