证券研究报告 | 行业周报 gszqdatemark 2025 12 01 年 月 日 环保 碳核算体系全面提速，环境监测迎新机 地方碳核算体系加速落地，驱动环境监测产业高景气。1、山东省出台《公 共机构节能改造碳普惠方法学》，明确要求公共机构通过实施可再生能源 替代及用能设备升级等实质性工程改造，并遵循其规定的双重核算路径与 严格监测标准进行碳减排量核算。政策将直接为环境监测与碳管理创造明 确增量需求。推荐关注碳排放监测标的聚光科技、雪迪龙等。2、湖北省出 台《固定资产投资项目节能审查和碳排放评价实施办法》，提出所有新建、 改建、扩建和技术改造项目必须同步实施节能审查与碳排放评价，对高耗 能高排放项目实行严格的分级审查准入，并将碳排放评价结果直接纳入节 能审查意见。这一政策将显著提升固定资产投资的绿色门槛，直接利好环 境监测领域。推荐关注标的聚光科技。 当周碳交易行情：本周（11.24-11.28）全国碳市场综合价格行情为：最高 价 65.42 元/吨，最低价 58.80 元/吨，收盘价较上周五下跌 8.61%。本周 挂牌协议交易成交量 365.49 万吨，成交额 2.08 亿元；大宗协议交易成交 量 63 ...

Core Viewpoint - China is promoting high-quality development of green finance to support enterprises in their green and low-carbon transformation, with a focus on innovative financial services covering the entire carbon reduction chain and the construction of zero-carbon parks [1][2][3]. Group 1: Green Finance Development - A series of documents have been issued this year to promote high-quality green finance development, with a goal to achieve significant results by 2027 [2]. - The financial support for green low-carbon development and the construction of a beautiful China is expected to improve in quality and efficiency [2]. - Financial institutions are increasingly offering innovative comprehensive financial service solutions that cover the entire carbon reduction chain [3][4]. Group 2: Zero-Carbon Park Construction - The establishment of zero-carbon parks is a key initiative in carbon reduction actions, with plans to create several such parks as outlined in the 2024 Central Economic Work Conference and the Government Work Report [5]. - Initial construction costs for zero-carbon parks are high, necessitating innovative business models and financial tools to transform these costs into value creation [5][6]. - A project initiated by the Asian Development Bank and Huaxia Bank aims to mobilize 5 billion yuan for energy-saving and renewable energy projects in industrial parks [5]. Group 3: Carbon Accounting System - There is a need to establish a comprehensive carbon accounting system to reflect the true carbon footprint levels post-reduction, with current challenges including high costs and inefficiencies [8][9]. - Digital finance is being leveraged to optimize traditional financial services for carbon accounting, enhancing the precision and transparency of carbon footprint data [8][9]. - Financial institutions are developing products and services based on carbon accounting information, focusing on carbon asset management and tracking carbon footprints in specific industries [9].