Core Viewpoint - The construction of a beautiful China is positioned as a key goal in the modernization of the socialist state and is essential for the realization of the Chinese Dream of national rejuvenation [3][4]. Group 1: Importance of Building a Beautiful China - Building a beautiful China is a significant strategic deployment by the central leadership, focusing on harmonious coexistence between humans and nature, and responding to the people's aspirations for a better life [4]. - The commitment to ecological priority is essential for achieving modernization that harmonizes human and natural relationships [5]. - A good ecological environment is fundamental for sustainable development, and the central government has prioritized ecological civilization since the 18th National Congress [4][5]. Group 2: Progress and Achievements - Since the 18th National Congress, significant progress has been made in ecological protection and restoration, with policies and actions being implemented effectively [8]. - The green industry transformation is accelerating, with coal consumption projected to decrease to 53.2% by 2024, a reduction of over 15 percentage points since 2012 [8]. - The national forest coverage rate is expected to exceed 25% by the end of 2024, surpassing the targets set for the 14th Five-Year Plan [9]. Group 3: Ecological Protection and Compensation - The establishment of a comprehensive ecological protection compensation mechanism has been a major achievement, with over 200 billion yuan allocated for ecological protection compensation by 2024 [9]. - More than half of the forests and grasslands in the country are now included in the compensation scope, with 30 cross-provincial ecological compensation mechanisms established [9]. - The introduction of market-based ecological protection compensation funds aims to enhance the effectiveness of ecological protection efforts [11][12]. Group 4: Future Directions - The focus will be on promoting a comprehensive green transformation of economic and social development, with an emphasis on energy conservation and carbon reduction [10]. - The development of a circular economy and resource recycling systems will be prioritized to improve resource utilization efficiency [10]. - Major ecological projects will be advanced, emphasizing integrated protection and systematic governance of natural ecosystems [11].

Core Viewpoint - The construction of a beautiful China is positioned as a prominent goal in the modernization of the country and the rejuvenation of the nation, emphasizing ecological civilization as a key component of the Chinese Dream [1][2]. Group 1: Importance of Ecological Civilization - The construction of a beautiful China is a strategic deployment by the central government to achieve harmony between humans and nature, responding to the people's aspirations for a better life [2][3]. - The emphasis on ecological protection is seen as essential for sustainable social development, with a commitment to prioritize ecological civilization in national work [2][4]. Group 2: Green Development and High-Quality Growth - The integration of ecological protection with economic development is crucial, with the idea that protecting the environment equates to protecting productivity [3][5]. - The government aims to optimize land use, promote green and low-carbon development, and ensure that ecological protection supports high-quality economic growth [3][6]. Group 3: Public Welfare and Environmental Justice - A good ecological environment is viewed as a fundamental public good and a vital aspect of people's well-being, with increasing demand for clean water and air [4][5]. - The government is committed to addressing environmental equity and enhancing public engagement in ecological protection efforts [4][6]. Group 4: Progress and Achievements - Since the 18th National Congress, significant progress has been made in ecological protection, with policies aimed at reducing carbon emissions and promoting resource recycling [5][6]. - Major ecological projects have been implemented, resulting in increased forest coverage and improved water quality in key regions [6][7]. Group 5: Future Directions - The government plans to continue promoting green transformation across all sectors, focusing on energy conservation and carbon reduction [7][8]. - There is an emphasis on establishing a market-oriented ecological compensation system to incentivize ecological protection and sustainable development [8].

Core Viewpoint - The recent issuance of the "Opinions on Further Improving the Horizontal Ecological Protection Compensation Mechanism" by the Ministry of Finance and other departments signifies a commitment to enhance ecological protection and promote high-quality development in river basins, addressing existing challenges in the compensation mechanism [1][2]. Group 1: Current Status and Challenges - 24 provinces in China have established cross-province ecological protection compensation mechanisms, but issues such as insufficient coordination, weak legal guarantees, and lack of social participation hinder the effectiveness of these mechanisms [1]. - The compensation process is not merely a financial transfer; it requires a unified governance system that integrates monitoring, law enforcement, and emergency response to ensure scientific and fair compensation agreements [1]. Group 2: Legal and Regulatory Framework - The existing ecological protection compensation regulations rely heavily on negotiations between local governments, which, while flexible, lack rigid constraints. There is a need for detailed regulations to clarify compensation standards, fund management, and the responsibilities of upstream and downstream local governments [2]. - Establishing clear rules and legal responsibilities is essential for ensuring that policies are effectively implemented and enforced [2]. Group 3: Engaging Social and Market Forces - The current reliance on government financial transfers for river basin protection limits the involvement of enterprises, social organizations, and the public. Innovative mechanisms are needed to mobilize market and social forces for ecological protection [2]. - Strategies such as enhancing the value realization of ecological products, promoting market transactions (e.g., carbon credits, water rights), and establishing green development funds can attract capital to eco-friendly industries [2]. - Expanding public participation and fostering a societal consensus on the value of ecology are crucial for sustaining long-term engagement in ecological protection efforts [2].

Core Insights - The event themed "'Two Mountains' Concept for Twenty Years: Common Prosperity and Beauty" was held in Huanghu Town, focusing on innovative ecological projects and action plans [1] - The establishment of the "West Lake Think Tank" ecological civilization practice station aims to enhance collaboration through media empowerment, social resource integration, practical results transformation, and rural model output [1] Group 1: Ecological Projects - The "Common Prosperity and Beauty" project was a highlight, introducing the upgraded ecological protection compensation mechanism and the "Shanshui Fund 2.0" version, which aims to expand protection areas and diversify funding sources [1] - Huanghu Town has initiated the first nationwide water fund trust, "Shanshui Fund," in 2015, which has now evolved to include a broader range of partners and project types [1] Group 2: Technological Integration - The "Sky and Land" integrated environmental supervision pilot project envisions smart and refined ecological environment management [1] - The "Carbon Footprint Measurement White Paper" provides a scientific benchmark for precise carbon reduction in rural areas [1] - The "Zero Carbon Village Digital Brain" platform signifies the deep integration of digital and intelligent methods into the green transformation of rural areas [1] Group 3: Future Development Blueprint - Huanghu Town has been recognized as a green development pioneer, having introduced over 40 ecological industry-related enterprises and institutions, and attracted more than 120 domestic and international young talents [2] - The future ecological blueprint for Yuhang District emphasizes digital and intelligent empowerment for refined ecological governance, solidifying the foundation for low-carbon development, and broadening the pathways for realizing ecological value [2] - The goal is to create a new model of rural development that harmonizes ecological benefits with economic benefits, contributing to the exploration of common prosperity through ecological civilization [2]

与此同时，我们会同有关部门持续深化新能源上网电价市场化改革，促进电力资源高效配置，引导新能源行业健康有序发展。在各方共同努力下，我 国新能源消纳取得积极进展，据统计， 目前全国新能源消纳利用率维持在90%以上。 下一步，国家发展改革委将会同有关方面， 把新能源消纳作 为新型能源体系建设的重点，深入落实发电、输电、调节等各环节支持政策 ，持续推动新能源高质量发展。 文 | 中关村储能产业技术联盟 6月26日，国家发展改革委召开6月份新闻发布会，国家发展改革委政策研究室副主任李超透露，随着新能源发电装机比重的提高，对于大规模新能 源的高水平消纳，已经成为当前建设新型能源体系的关键。为提升新能源消纳能力，国家发展改革委会同有关方面采取了一系列措施，主要是抓好三 个统筹。 第一个统筹是，统筹电力外送和就近消纳。 充分发挥沙漠、戈壁、荒漠地区风力、光照等资源优势， 加快建设"沙戈荒"大型新能源基地 ，通过将 西北等地区风电、光伏发电跨省区进行外送，提升全国范围内新能源消纳能力。在远距离输送的同时，我们也注重挖掘就近就地消纳需求，积极探索 新能源和产业发展相融合的新模式。比如，近期国家发展改革委、国家能源局印发《关于有序 ...

Group 1 - The ecological restoration project of Gaodong River in Chongqing's Changshou District has improved water quality from Class IV to Class III, showcasing successful environmental management efforts [1] - Long-term efforts in protecting the Yangtze River's ecology have resulted in the water quality of the Yangtze River in Chongqing reaching Class II standards for eight consecutive years since 2017 [2] - The transformation of the former tailings pond of Zhonghua Chongqing Fuling Chemical Co. into a green park demonstrates the shift towards sustainable industrial practices, with over 3 billion yuan invested in modernizing operations [2] Group 2 - Chongqing's modern manufacturing industry, focusing on new energy vehicles and advanced materials, is projected to produce over 950,000 electric vehicles in 2024, marking a 90.5% increase [3] - The shift from coal mining to eco-tourism and specialty agriculture in Fengjie and Wushan counties highlights the region's commitment to sustainable development and ecological preservation [3] - The "Bayu Water Management" system integrates data from over 20 departments, significantly improving pollution analysis and response times from 10 days to 2 days [4] Group 3 - Collaborative ecological protection agreements with neighboring provinces have established a comprehensive ecological compensation mechanism along the Yangtze River [4] - The implementation of over 140 environmental governance projects reflects a strong commitment to improving water ecological conditions in the region [4] - Chongqing aims to play a demonstrative role in promoting green development along the Yangtze Economic Belt, emphasizing its responsibility as an upstream region [4]

· 乐吴让莽 2025年06月05日 证券研究报告 · 北交所报告 · 北交所定期报告 北交所定期报告 20250605 证监会发布修改后的《上市公司重大资产重 组管理办法》,深化并购重组市场改革 ■ 资本市场新闻:中国证监会于 2025年6月4日发布修改后的《上市公 司重大资产重组管理办法》,旨在深化并购重组市场改革、激发市场活 力。王要修改包括:建立重组股份对价分期支付机制,延长注册有效期 至 48个月;提高对财务状况变化等监管的包容度;新设简易审核程序; 明确上市公司吸收合并的差异化锁定期要求;鼓励私募基金参与,实施 投资期限与锁定期"反向挂钩"。此次修改标志着"并购六条"全面落 地,政策效果显著,证监会将持续落实新规,进一步释放市场活力。 ■ 行业新闻:财政部等五部门联合印发政策,明确到 2027年建成长江、 黄河干流统一的横向生态保护补偿机制,2035年全面覆盖重点流域干 流及重要支流。 主要目标包括:2027年前各地基本建立重点河流跨区 域补偿机制,探索森林、草原等多要素补偿;2035年深化机制建设,提 升生态环境质量与服务功能,保障国家生态安全。重点任务涵盖中央统 一建立大江大河干流机制、地方深 ...

Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) released revised "Major Asset Restructuring Management Measures" to deepen M&A market reforms, effective from June 4, 2025[6] - Key modifications include a phased payment mechanism for restructuring shares, extending the registration validity period to 48 months, and introducing a simplified review process[7] - The new rules aim to enhance market vitality, with over 1,400 disclosed asset restructurings since the introduction of the "M&A Six Articles," including more than 160 major restructurings[7] Group 2: Market Performance - As of June 4, 2025, the North Exchange A-share segment consists of 266 companies with an average market capitalization of 3.025 billion[13] - The North Exchange 50 Index rose by 1.10%, while the Shanghai Composite Index increased by 0.42%[13] - The trading volume for the North Exchange reached 24.56 billion, a 9.81% increase from the previous trading day[13] Group 3: Industry Developments - The Ministry of Finance and other departments aim to establish a unified horizontal ecological compensation mechanism for the Yangtze and Yellow Rivers by 2027, with comprehensive coverage by 2035[10] - The initiative includes developing compensation mechanisms for various ecological elements and enhancing ecological environment quality[12] Group 4: Risk Factors - Potential risks include individual stock earnings falling short of expectations, intensified industry competition, increased trade frictions, and regulatory changes not meeting expectations[22]

本次会议指出，建立成本共担、效益共享、合作共治的横向生态保护补偿机制，对于加强生态环境保 护、促进区域间协同发展具有重要意义。 生态保护补偿是指通过财政纵向补偿、地区间横向补偿、市场机制补偿等机制，对按照规定或者约定开 展生态保护的单位和个人予以补偿的激励性制度安排。生态保护补偿可以采取资金补偿、对口协作、产 业转移、人才培训、共建园区、购买生态产品和服务等多种补偿方式。 近年来，我国在一些流域和区域开展了横向生态保护补偿机制的试点探索，取得了一定成效。 在流域治理领域，新安江模式成为全国标杆。作为首个跨省生态补偿试点，皖浙两省通过资金补偿、产 业协作、人才共育等机制，推动流域水质持续改善。2023年，新安江"资金池"向安徽补偿8亿元、浙江2 亿元，带动上下游共建绿色产业园区，实现生态保护与经济发展双赢。 南都讯记者王玮发自北京国务院总理李强5月23日主持召开国务院常务会议，研究进一步健全横向生态 保护补偿机制有关举措。 会议指出，建立成本共担、效益共享、合作共治的横向生态保护补偿机制，对于加强生态环境保护、促 进区域间协同发展具有重要意义。 2024年4月6日，国务院总理李强签署第779号国务院令，公布《生 ...

Core Viewpoint - The article discusses the development of the E'nan-Xiangbei cross-provincial cooperation demonstration zone as a key area for ecological protection and high-quality development within the Yangtze River Economic Belt, particularly focusing on the construction of the Dongting Lake Ecological Economic Zone [1][2]. Group 1: Regional Development and Cooperation - The E'nan-Xiangbei region is identified as an important node for the Yangtze River Economic Belt's industrial advancement and ecological protection [1]. - The State Council approved the "New Era Dongting Lake Ecological Economic Zone Plan," which aims to establish a "four cores and eight clusters" urbanization development pattern, including the E'nan-Xiangbei area [1]. - Hubei and Hunan provinces have shown strong support for the development of the E'nan-Xiangbei region, with five counties signing a framework agreement to promote integrated transportation and industry [1]. Group 2: Transportation and Infrastructure Challenges - The region faces significant transportation challenges, including sparse external passages and low-grade interprovincial routes, which hinder development [2]. - Current transportation infrastructure includes only one coal transport railway, with many shortcomings in the network; while there are navigable waterways, their low grade and lack of ports limit accessibility [2]. - Efforts are underway to enhance the integration of rail, road, and water transport, aiming to strengthen the regional transportation network [2]. Group 3: Strategic Recommendations for Development - Recommendations include establishing a cross-provincial cooperation sub-fund, promoting "flying economy" models, and creating a cross-provincial tax-sharing mechanism to facilitate collaboration [2][3]. - The article suggests allowing shared land use indicators for cultural and tourism purposes and exploring value-added tax distribution based on tourist spending to overcome administrative barriers [3]. - It emphasizes the need for interconnected data among regional attractions, transportation, and hospitality sectors to optimize tourism resource distribution [3].