中办、国办印发的《关于推进绿色低碳转型 加强全国碳市场建设的意见》提出，碳市场是利用市场机制积极应对气候变化、加快经济社 会发展、全面绿色转型的重要政策工具。 目前，全国碳市场正式运行四周年，我国建成了全球覆盖温室气体排放量最大的碳市场，实现了对全国60%以上二氧化碳排放量的有效管 控。据生态环境部数据，截至2025年9月30日，全国碳市场的配额累计成交量达7.28亿吨，累计成交额达498.3亿元。截至2025年8月底，新 纳入行业重点排放单位已开设交易账户1277家。 赖晓明。资料图 今年碳市场交易量增长40% 《21世纪》：据生态环境部数据，截至2025年8月底，新纳入行业重点排放单位已开设交易账户1277家。这批增量主体入场后，市场功能 与运行效果是否会较以往发生变化？ 赖晓明：变化是肯定的。市场主体是决定市场运行质量的关键因素，而市场主体对市场的影响主要取决于三个方面：一是市场主体的规模 数量，二是市场主体的结构，三是市场主体参与市场的能力和意愿。 此次行业扩围后，市场主体规模数量显著增加，这对整个碳市场的发展无疑是有利的。从主体结构来讲，此前全国碳市场仅覆盖发电这一 个相对集中的行业，扩围后市场覆盖 ...

赖晓明 ◎记者 宋薇萍 上海证券报：作为试点市场，上海一直在先行先试。您认为服务全国统一大市场建设，上海有哪些经验 可以输出？ 赖晓明：一是在配额分配方面，上海一直在优化分配机制，结合经济社会的绿色低碳转型进展，从原来 以历史法为主的分配，到现在70%以上是以效率法为主的分配；从原来的全部免费分配，到后来93%至 99%免费，有少部分有偿分配；以及履约拍卖和非履约拍卖，这些都是很好的探索，有利于提升市场流 动性。二是在市场参与主体方面，上海很早就是多元化主体，参与开户的企业和机构一共是2200多家。 其中，控排企业400家左右，其他都是投资机构、金融机构。后者的积极参与，为市场奉献了比较大的 交易量。从这个角度讲，全国碳市场尽快引入投资机构参与是一件非常紧迫的事，相关部门正在抓紧研 究配套规则和制度。三是从产品来看，上海在持续创新，丰富交易工具。 现在市场还比较关注碳资产质押贷款融资的进展，上海等地已进行了探索，获得了各方支持。全国碳市 场配额已超过80亿吨，按市值来看，可能有四五千亿元。如果这些碳资产可以融资，对于破解企业融资 难将是全新的解决方案。 上海证券报：展望"十五五"，您认为全国碳市场建设有哪些重 ...

Core Viewpoint - The company demonstrated steady revenue growth and significant improvement in profitability during the first half of 2025, with net profit growth outpacing revenue growth, indicating enhanced operational efficiency [2] Financial Performance - In the first half of 2025, the company achieved operating revenue of 596 million yuan, a year-on-year increase of 4% [1] - The net profit attributable to shareholders reached 61.97 million yuan, reflecting a year-on-year growth of 26% [1] - The net profit after deducting non-recurring items was 50.73 million yuan, up 37% year-on-year [1] Profitability Improvement - The growth in net profit (25.51%) exceeded the revenue growth rate (3.70%), highlighting improved profitability [2] - Cost control measures led to a decrease in sales and management expenses by 2.27% and 8.22% respectively [2] - The optimization of product structure contributed to a 1.18 percentage point increase in gross margin, with the industrial process analysis system business revenue growing by 19.17% [2] - Improvement in asset quality resulted in a positive contribution to profits, with credit impairment losses shifting from -7.38 million yuan in the previous year to 2.91 million yuan this period [2] Strategic Initiatives - The company is positioning its carbon monitoring business as a "second growth engine," developing an integrated solution for carbon emission monitoring and management [3] - The expansion of the national carbon market and mandatory installation policies in industries like thermal power and steel are expected to accelerate market growth [3] - The company is capitalizing on domestic substitution opportunities in high-end manufacturing, with successful applications in advanced fields such as semiconductor gas purity detection and nuclear power gas analysis [3] Operational Strategy - The company has optimized its operational strategy by focusing on cash flow-positive industrial enterprises (To B) while strategically managing longer payment cycles in government contracts (To G) [4] - It has established R&D centers in Beijing, the UK, and Belgium, leveraging five core technologies to support international market expansion [4] - The development of data collection and IoT platforms aims to transform environmental monitoring data into a commercial asset, potentially opening new business growth avenues [4] Earnings Forecast - Projected operating revenues for 2025-2027 are 1.527 billion, 1.682 billion, and 1.869 billion yuan, with year-on-year growth rates of 7.53%, 10.11%, and 11.17% respectively [5] - Expected net profits for the same period are 224 million, 241 million, and 267 million yuan, with growth rates of 33.15%, 7.34%, and 10.82% respectively [5] - Corresponding PE ratios based on the closing price on August 22, 2025, are projected to be 23.97, 22.33, and 20.15 [5]