新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市 公司传播ESG理念，提升ESG可持续发展表现。点击查看【 ESG评级中心服务手册】 《联合国气候变化框架公约》（UNFCCC）缔约方第30次大会（COP30）目前在巴西北部城市贝伦召 开。会议期间，新浪财经与世界经济论坛可持续金融总负责人Derek Baraldi进行了对话。 气候行动不是成本，而是破解多重危机的关键要素 Derek认为，气候变化并非孤立的挑战，而是所谓的"风险倍增器"，正在加剧当前人类面临的各类危 机。他举例指出，能源安全问题凸显了向清洁能源结构多元化和提升能效转型的必要性；粮食不安全因 气候冲击而持续恶化，对作物产量和水资源可获得性造成显著负面影响；地缘政治不稳定则日益受到气 候资源压力和移民压力的驱动。因此，在Derek看来，气候行动并非与包括地缘政治在内的其他紧急危 机相竞争，而是解决这些问题的核心所在。 Derek强调，从战略层面看，可持续发展极为重要。如果不能有效推进，将面临极其严重的长期系统性 风险。他认为，中国已经在这方面做出表率——通过投资清洁制造、关注关键矿产资源和打造稳健供应 链，正在 ...

"表演性外交的时代现在已经过去" 在肯定成就的同时，斯蒂尔着重指出了当前谈判面临的巨大挑战和阻力。他表示，虽然感受到了各方的诚意与决心，但"现实经济的变化速度并未与这些谈 判室内的进展速度相匹配。精神可嘉，但速度不够。" 面对气候灾难正在摧毁数百万人的生活并冲击每个国家经济、推高食品等基本必需品价格的严峻现实，斯蒂尔呼吁各国代表展现出紧迫感。他表示："我们 绝对没有时间浪费在战术拖延或阻挠上。表演性外交的时代现在已经过去了。" COP30高级别会议开幕入场。新京报贝壳财经记者陶野摄 新京报贝壳财经贝伦报道（记者陶野）当地时间11月17日，联合国气候变化框架公约第三十次缔约方大会（COP30）高级别会议在巴西贝伦正式开幕。联合 国气候变化执行秘书西蒙·斯蒂尔在开幕致辞中指出，大会首周在行动议程上取得"重大进展"，包括动员了万亿美元规模的清洁能源投资。但他同时警告， 谈判室内的进展速度远未跟上现实经济的变革步伐，敦促各国部长摒弃"战术拖延"，加速解决最棘手的议题。 COP首周，万亿美元资金投入清洁能源和电网建设 斯蒂尔在讲话中充分肯定了大会第一周的成果。他透露，在短短七天内，各国已动员了万亿美元资金投入清洁能源和 ...

新京报贝壳财经贝伦报道（记者陶野）当地时间11月17日，联合国气候变化框架公约第三十次缔约方大 会（COP30）高级别会议在巴西贝伦正式开幕。联合国气候变化执行秘书西蒙·斯蒂尔在开幕致辞中指 出，大会首周在行动议程上取得"重大进展"，包括动员了万亿美元规模的清洁能源投资。但他同时警 告，谈判室内的进展速度远未跟上现实经济的变革步伐，敦促各国部长摒弃"战术拖延"，加速解决最棘 手的议题。 COP首周，万亿美元资金投入清洁能源和电网建设 在肯定成就的同时，斯蒂尔着重指出了当前谈判面临的巨大挑战和阻力。他表示，虽然感受到了各方的 诚意与决心，但"现实经济的变化速度并未与这些谈判室内的进展速度相匹配。精神可嘉，但速度不 够。" 面对气候灾难正在摧毁数百万人的生活并冲击每个国家经济、推高食品等基本必需品价格的严峻现实， 斯蒂尔呼吁各国代表展现出紧迫感。他表示："我们绝对没有时间浪费在战术拖延或阻挠上。表演性外 交的时代现在已经过去了。" 随着会议进入由各国部长主导的高级阶段，斯蒂尔敦促各方立即着手解决最困难的核心问题。"当这些 问题被深推到加时赛时，每个人都是输家。"他呼吁各方"卷起袖子，团结起来，完成任务"，并承诺秘 ...

Investment Rating - The report maintains a rating of "Buy" for several key companies in the coal mining sector, including Yanzhou Coal Mining Company, China Shenhua Energy, and others [5][12]. Core Insights - Global energy investment is projected to reach $3.3 trillion in 2025, marking a 2% increase from 2024, with a significant shift towards clean energy investments outpacing fossil fuels [1][4]. - The report highlights that while clean energy investments are surging, challenges such as grid bottlenecks, supply chain pressures, and regional imbalances pose significant risks to the energy transition [1][4]. - The focus of energy investments is irreversibly shifting towards clean energy, with the modernization of the grid, supply chain resilience, and financing in emerging markets being critical for successful transition [4][56]. Summary by Sections 1. Power Investment - Global power investment is expected to reach a record $1.5 trillion in 2024, driven by low-emission power, grid, and battery storage investments [16]. - Solar energy faces financial pressures due to overcapacity, while wind energy remains stable, and nuclear power is experiencing a revival [20][21]. - Grid investment is lagging behind renewable energy deployment, with significant bottlenecks in supply chains and labor shortages [48][49]. 2. Energy Supply - Fossil fuel supply investment is expected to decline by 2% in 2025, marking the first decrease since 2020, primarily due to falling oil prices and rising costs [2][56]. - Coal investment is at a record high driven by China and India, although growth rates are slowing [56][59]. - Investment in low-carbon technologies is robust, with liquid biofuels and low-emission hydrogen expected to see a 30% increase in 2025 [57]. 3. Terminal Demand - Electrification is accelerating, with significant investments in the transportation sector, while building investments are stagnating due to policy rollbacks and cost pressures [3][55]. - Industrial energy efficiency is rebounding in China and the U.S., but global low-emission steel investments are contracting significantly [3][55]. 4. Investment Strategy - The report recommends focusing on companies that are well-positioned in the coal mining sector, particularly those with strong performance metrics [9][12].

Financial Data and Key Metrics Changes - Adjusted earnings per share (EPS) in Q3 was $0.80, the highest quarterly EPS reported in the company's history, with year-to-date adjusted EPS at $2.04, up 11% year-over-year [7][17] - Adjusted recurring net investment income increased by 42% in the quarter and 27% year-to-date [17][23] - Managed assets grew 15% year-over-year to $15 billion, while the portfolio increased by 20% [20][21] Business Line Data and Key Metrics Changes - The company closed over $650 million in new transactions in Q3, totaling $1.5 billion for the first three quarters of 2025, with expectations to exceed $3 billion for the full year, up more than 30% year-over-year [9][20] - New asset yield in Q3 was greater than 10.5% for the sixth consecutive quarter [9] - The company maintained a low annual realized loss rate of under 10 basis points, reinforcing cash flow predictability [10][11] Market Data and Key Metrics Changes - The pipeline remains above $6 billion, indicating strong demand across key end markets, including utility-scale renewables and energy efficiency [15][16] - Higher retail electricity rates are driving demand in behind-the-meter (BTM) asset classes, including rooftop solar and energy efficiency [15] Company Strategy and Development Direction - The company is focused on asset-level investing with long-term programmatic partners, emphasizing disciplined underwriting and access to attractive capital sources [27] - The introduction of the CCH1 co-investment vehicle has enhanced the company's ability to engage in larger transactions, reflecting a shift towards larger project investments [26][46] Management's Comments on Operating Environment and Future Outlook - The operating environment remains supportive for expanding investment volumes, with capital markets experiencing low volatility [5][6] - The company expects to achieve roughly 10% adjusted EPS growth in 2025 and reaffirms guidance for 8%-10% compound annual EPS growth through 2027 [8][17] Other Important Information - The company completed a $1.2 billion structured equity investment in a major clean energy infrastructure project, marking a significant milestone [12][14] - The company has broadened its capital sources, enhancing its liquidity position to $1.1 billion at the end of the quarter [24] Q&A Session Summary Question: Is there a reason the SunZia project is not named? - The project referred to is indeed the SunZia project, and the returns are consistent with other recent transactions in the grid-connected portfolio [30][31] Question: Can you discuss the pipeline and its strength? - The pipeline remains above $6 billion, with no significant pull forward observed, indicating ordinary course activity from clients [39][40] Question: How does the $1.2 billion investment signal a shift in investment strategy? - The investment reflects the company's access to capital and willingness to engage in larger transactions while managing risk accordingly [46][47] Question: What was the impact of the SunStrong ABS refinancing on the quarter? - The refinancing resulted in a cash distribution of approximately $240 million, with $200 million used to pay off mezzanine loans [50][53] Question: How have tax credit changes impacted investment types? - The extension of tax credits for wind and solar has maintained the traditional combination of tax equity structures in the market [61] Question: Are prepaid leases a product of interest? - The company is open to exploring prepaid leases but has not yet encountered any opportunities [64] Question: What is the maturity profile of the existing portfolio? - The weighted average life of the assets is around 10 years, and the recent increase in principal collections was driven by the SunStrong refinancing [67]

公司董事（「董事」）局（「董事局」）欣然宣佈，於二零二五年十月二十七日，中油 燃氣投資集團有限公司（「中油投資」）、天達利通新能源（珠海）有限公司（「天 達利通」）、中油中泰燃氣投資集團有限公司（「中油中泰」）與山東勝利股份有 限公司（「勝利股份」）訂立發行股份及支付現金購買資產意向協議（「意向書」）， 據此，勝利股份擬通過發行股份及支付現金方式購買集團持有的若干附屬公 司的股權（「建議交易事項」）。 建議交易事項包括勝利股份收購以下公司股權： (1) 中油投資持有的中油燃氣（珠海橫琴）有限公司（「中油珠海」）100%股權； (2) 天達利通持有的天達勝通新能源（珠海）有限公司（「天達勝通」）100%股權； 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：603） * 意向書 本公告乃由中油燃氣集團有限公司（「公司」，連同其附屬公司統稱「集團」）根 據香港聯合交易所有限公司證券上市規則第13.09條及香港法 ...

Core Viewpoint - Hubei Energy (000883.SZ) has signed a cooperation agreement with the Xiangyang Municipal Government to enhance energy security and promote mutual development, planning to invest 26.7 billion yuan in clean energy projects during the 14th Five-Year Plan period [1] Group 1 - The cooperation agreement was signed on September 29, 2025, based on principles of equality, mutual benefit, and win-win cooperation [1] - The investment will focus on the clean energy sector and the upstream and downstream industrial chain in Xiangyang [1] - The planned investment includes the construction of multiple wind, solar, and energy storage projects [1]

Core Viewpoint - Hubei Energy (000883.SZ) has signed a cooperation agreement with the Xiangyang Municipal Government to enhance energy security and promote mutual development, with plans to invest 26.7 billion yuan in clean energy projects during the 14th Five-Year Plan period [1] Group 1 - The cooperation agreement was signed on September 29, 2025, based on principles of equality, mutual benefit, and win-win cooperation [1] - The investment plan includes the construction of multiple wind, solar, and energy storage projects, as well as comprehensive energy projects in Xiangyang [1] - The total planned investment for the clean energy and industrial chain in Xiangyang is 26.7 billion yuan [1]

Market Overview - The market is experiencing a bullish trend, with the Shanghai Composite Index rising by 0.83%, the Shenzhen Component Index increasing by 1.6%, and the ChiNext Index gaining 2.61% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.24 trillion, a decrease of 34.6 billion from the previous trading day, with over 4,600 stocks rising [1] Financial Sector Performance - Major financial stocks surged, with companies like Zhina Compass and Tonghuashun hitting historical highs, and Dongfang Caifu rising nearly 10% [2] - Financial technology stocks saw a significant increase, with Zhina Compass hitting a 20% limit up and Tonghuashun rising over 16% [4] - Brokerage stocks also performed well, with notable gains from companies like Dongfang Caifu, Zhongyin Securities, and others [7] Bond Issuance and Market Activity - The bond issuance by brokerages has significantly increased, with a total of 479 bonds issued, amounting to 838.99 billion, representing a year-on-year growth of 39.24% and 39.4% respectively [10] - The active market environment is boosting margin financing and asset management product issuance, leading to improved brokerage performance [10] AI and Technology Investment - AI technology is transforming the internet finance sector, with top securities firms investing over 1.55 billion in information technology, reflecting a slight increase of 1.4% year-on-year [11] - The release of advanced AI models like GPT-5 is expected to stimulate demand for computing power, benefiting the ASIC industry chain [16] Energy Sector Growth - The power equipment sector is experiencing a rise, with significant gains in stocks like Zhongheng Electric and Oujing Technology, driven by increased investment in clean energy [18] - From January to July, investment in solar, wind, nuclear, and hydropower in China grew by 21.9% year-on-year [18] Mechanical Equipment Sector - The mechanical equipment sector is also seeing upward movement, with stocks like Junwei Intelligent and Shandong Zhanggu achieving limit up [21] - The manufacturing value added in the integrated circuit and electronic materials sectors grew by 26.9% and 21.7% respectively in July [24]

Market Overview - The A-share market experienced a rebound on August 15, with the Shanghai Composite Index rising by 0.47%, the Shenzhen Component Index increasing by 1.19%, and the ChiNext Index surging by 2.14% [1][2] - The total trading volume across the market reached 1.33 trillion yuan, slightly lower than the previous day, with 4,460 stocks rising and 817 stocks falling [2] Sector Performance - The power equipment sector saw significant gains, with stocks like Zhongheng Electric and Oujing Technology hitting the daily limit, while several others rose over 10% [3][4] - The machinery sector also performed well, with Junpu Intelligent reaching its daily limit and other stocks like Shandong Zhanggu and Dayuan Pump Industry also seeing substantial increases [5][6] - The banking sector faced a collective decline, with major banks like ICBC and ABC dropping over 2%, while non-bank financial stocks surged [8][9] Company Highlights - JD Health's stock price rose over 16% in the Hong Kong market, reaching a peak of 64 HKD per share, marking a new high since February 2023. The company reported a total revenue of 35.29 billion yuan for the first half of 2025, a year-on-year increase of 24.5% [13][14] - The National Bureau of Statistics reported a 21.9% year-on-year increase in investments in solar, wind, nuclear, and hydropower from January to July, indicating a growing demand for clean energy investments [4] Investment Trends - Recent data showed a significant increase in non-bank deposits, with a rise of 2.14 trillion yuan in July, suggesting a potential influx of capital into the market [15] - Market sentiment appears optimistic, with various institutions indicating a trend towards a slow bull market, emphasizing the importance of sectors with high growth potential and performance verification [16][18]