转自：贵州日报 "让专业的人干专业的事。"这一决定，直接推动清镇市后来成为全省的"能源托管"整体项目推进试点县 （市）。 罗文福 冬日的晨雾尚未散尽，清镇市清州大道数据湖城大楼却似被镀上了一层暖光，庄严的轮廓在光影里愈发 清晰，熠熠生辉。 破局："省"是更科学高效地用 与外观的庄严肃穆不同，步入一楼大厅，清镇市智慧能碳管理平台屏幕随即映入眼帘，屏幕上跳动的数 字正讲述着一场静悄悄的变革，整个大楼内的能耗情况实时刷新。 "冬季空调温度设置不高于26℃，开空调时关闭门窗。室内光线好少开灯，随手关灯节约用电。"元旦节 前，清镇市机关事务服务中心再次向机关各部门、各单位发出倡议，要求做好干部职工教育引导，认真 落实勤俭办公要求。 过去，公共机构节能往往面临"有钱难办事、办了难持续"的困境。而在这里，通过引入合同能源管理 （EMC）模式，一场由"政府主导"向"市场驱动"的深刻转型正在上演。 节约不是简单的"省"，而是更科学地"配"和更高效地"用"。李海荣深知传统模式的痛点，他说："公共 机构能耗基数大，设备老化快。要改造，财政预算有限；不改造，能耗指标又降不下来。更要命的是， 很多项目建好了，后期运维跟不上，没过两年又 ...

据国网英大披露，英大期货的出售价格约为11.29亿元，较账面值溢价8.31%，全部为现金交易。英大期 货是国网英大的孙公司，通过英大证券全资持股。英大期货的主营业务是为电网及产业链企业提供咨询 研究及套期保值等服务，2024年证监会分类结果将其由B类BB级上升为BBB级。 国网英大在公告中表示，本次转让英大期货100%股权，有利于公司聚焦主营业务，优化公司业务结 构，进一步提高公司的核心竞争力。本次交易可以增加公司现金流入，有利于公司集中资源进一步拓展 转型业务，对公司实现战略转型起到积极作用。 同在26日，中油资本发布公告称，中国石油集团通过国有股份划转方式将其持有的中油资本3.00%的股 份划转给国网英大集团。本次划转后，中国石油直接持有的股份将从77.35%下降到74.35%，仍是控股 股东。国网英大将成为中油资本的第二大股东，从不持股到持有3.00%股份。其余股东的持股比例不 变。 业内人士认为，根据国务院关于提升上市公司质量的部署，国网英大与中油资本作为央企上市公司，采 取现金资产收购和无偿股份划转，意味着两方将进一步加强战略协同，有利于充分发挥国有企业"六个 力量"。 11.29亿元出售英大期货， ...

（文章来源：证券日报） 证券日报网讯 12月8日，华泰股份在互动平台回答投资者提问时表示，公司始终积极推进节能减排，核 心减排项目包括已投产的70万吨化学浆项目、废渣污泥焚烧发电项目，以及在建的分布式光伏项目，通 过生产工艺优化与绿色能源布局实现显著减排成效。目前，公司碳减排指标主要参与国内碳市场交易。 未来，公司将持续推进碳捕集与资源化利用，完善碳资产管理体系，拓展减排指标应用场景，进一步提 升碳资产价值，为绿色低碳转型与业绩增长注入持续动力。 ...

Investment Rating - The report maintains a "Buy" rating for the companies involved in the environmental protection industry, particularly highlighting the strategic moves of specific firms like High Energy Environment and Longjing Environmental Protection [1][16][21]. Core Views - The report emphasizes the implementation of carbon emission quota schemes for the steel, cement, and aluminum industries, which is expected to enhance the demand for carbon monitoring and management solutions [6][12]. - It highlights the strategic acquisitions by High Energy Environment in the mining sector, which are anticipated to open new growth avenues through resource collaboration [13][16]. - Longjing Environmental Protection is noted for its capital increase from Zijin Mining, which is expected to accelerate its growth in green electricity and energy storage sectors [19][20]. Summary by Sections Industry News - The Ministry of Ecology and Environment has issued carbon emission quota plans for 2024 and 2025 for the steel, cement, and aluminum industries, establishing a comprehensive carbon quota system [8][9]. - The report discusses the significant increase in sales of new energy sanitation vehicles, with a year-on-year growth of 61.32% and a penetration rate of 18.02% [29]. Company Specifics - High Energy Environment is strategically advancing into the mining sector, acquiring stakes in three mining companies, which is expected to enhance its resource collaboration and open a second growth curve [13][16]. - Longjing Environmental Protection has received a cash injection from Zijin Mining through a private placement, which is expected to enhance its financial structure and support growth in its green energy and storage segments [19][20][21]. Financial Performance - The report indicates that the solid waste sector is experiencing improved cash flow and profitability, with a notable increase in free cash flow and dividend payouts expected [23][24]. - The water service sector is projected to see significant improvements in cash flow and dividend potential, with ongoing price reforms expected to enhance revenue stability [26][28]. Market Trends - The report notes a shift towards market-oriented operations in the water sector, with companies like Yuehai Investment and Hongcheng Environment expected to maintain high dividend payouts [26][28]. - The sanitation equipment market is witnessing a robust increase in new energy vehicle sales, indicating a growing trend towards sustainable practices in waste management [29].

Core Insights - The company reported a significant increase in both revenue and net profit for the first three quarters, with total revenue reaching 7.87 billion and net profit at 2.233 billion, marking a year-on-year growth of 2.3% and 53.73% respectively, achieving a record high since its listing [1] - The third quarter alone saw a net profit of 1.086 billion, reflecting a remarkable year-on-year increase of 102.49% [1] - The company aims to focus on high-quality development in the fourth quarter, enhancing its core business in the power grid and extending its energy industry chain [1] Financial Performance - The net profit margin stood at 58.23%, an increase of 46.7% year-on-year [1] - Total expenses for sales, management, and finance amounted to 1.041 billion, accounting for 13.22% of revenue, which is a decrease of 9.66% year-on-year [1] - Earnings per share reached 0.39, up 53.54% year-on-year, while net assets per share increased to 4.05, reflecting an 8.34% growth [1] Production Capacity and Technological Development - The company has a production capacity of 50,000 distribution transformers, 30,000 tons of amorphous steel cores, 20,000 switch products, and 1.5 million insulators, supported by four major production bases [3] - The company is actively engaged in research and development of solid-state transformers and has established a certain level of technical reserve in this area [3] - The company has made advancements in carbon asset management technology and has contributed to the publication of national standards for carbon asset management [3]

Core Viewpoint - The article discusses the release of China's first national standard in the carbon asset management field, titled "Asset Management - Guidelines for the Construction of Carbon Asset Management System" (GB/T 464 12 - 2025), which provides guidance on carbon asset management across various organizational aspects [1][5]. Group 1: Background and Definition - Carbon assets are resources legally owned or controlled by organizations that can generate direct or indirect economic benefits related to greenhouse gas activities, including carbon quotas, carbon credits, and green premiums from low-carbon technologies/products/services [5]. - The standard aims to enhance carbon asset management capabilities in line with international rules, addressing the needs of carbon-intensive organizations to improve their management capabilities [5][6]. Group 2: Main Content of the Standard - The standard provides guidance on carbon asset management from seven aspects: organizational context, leadership, planning, support, operation, performance evaluation, and improvement [8][6]. - Organizations are encouraged to determine the scope of their carbon asset management system based on stakeholder needs and expectations [9]. - Leadership is emphasized, with top management required to demonstrate commitment, establish carbon asset management goals, and integrate the management system into business processes [11]. Group 3: Detailed Aspects of the Standard - **Planning**: Organizations should identify carbon assets and compliance obligations, establish risk assessment processes, and develop strategic asset management plans (SAMP) [13]. - **Support**: Organizations must provide necessary resources for establishing, implementing, and improving the carbon asset management system [14]. - **Operation**: Effective management of the carbon asset lifecycle is crucial, including controlling changes and assessing external processes and services [16]. - **Performance Evaluation**: Organizations should monitor and measure relevant performance aspects, assessing the effectiveness of the carbon asset management system in achieving sustainability goals [17]. - **Improvement**: Continuous improvement of carbon assets and the management system's suitability and effectiveness is essential, along with forecasting decision-making needs related to asset management [20].

Core Viewpoint - Xinfeng Group is demonstrating a significant path in green low-carbon transformation, leveraging opportunities and challenges presented by the "dual carbon" goals [1] Group 1: Carbon Asset Management - Xinfeng Group has established a systematic approach to carbon asset management since the inception of the national carbon market in 2016, focusing on "early planning, pre-deployment, unified implementation, and value enhancement" [2] - The company has completed a total carbon quota trading volume of 35.73 million tons, with a trading value of 2.322 billion yuan, achieving an economic benefit of 1.326 billion yuan, accounting for approximately 5% of the national trading volume [2] - Xinfeng Group has been recognized as a "Leader in Industrial Carbon Peak Enterprises" and an "Outstanding Trading Practice Enterprise in the National Carbon Market" [2] Group 2: Digital Carbon Management - The company has developed a "dual carbon" payment platform that covers the entire process of carbon data collection, accounting, storage, and trading, ensuring data traceability and regulatory compliance [2] - Collaboration with national carbon measurement centers and research institutes has led to the development of standards for greenhouse gas emission measurement tools [2] Group 3: Circular Economy - Circular economy is a core feature of Xinfeng Group's low-carbon development, with a network covering five major sectors: energy, non-ferrous metals, high-end chemicals, environmental building materials, and modern agriculture [3] - The company has achieved significant resource savings and emissions reductions through its circular processes, such as saving over 1 million tons of standard coal and reducing CO2 emissions by over 2.6 million tons annually [3] Group 4: Carbon Reduction Pathways - Xinfeng Group is advancing carbon reduction through various strategies, including shutting down outdated power units, building efficient power generation units, and expanding renewable energy projects [4] - The company has implemented smart transport solutions and water-saving technologies, achieving a water-saving efficiency of 97% and zero wastewater discharge [4] - Future plans include continuing to leverage carbon asset management to promote green circular low-carbon development and contribute to national "dual carbon" goals [4]

Core Insights - The collaboration between China National Renewable Energy (中环新能源) and Ant Group marks a strategic shift from traditional asset-heavy operations to digital asset management, focusing on tokenization of renewable energy assets and smart operations [1][2][5] Group 1: Strategic Transformation - The partnership aims to enhance the management of renewable energy assets through tokenization, which will improve liquidity, reduce transaction costs, and foster trust in the market [1] - By collaborating with Ant Group, the company is transitioning from merely selling electricity to becoming a provider and manager of digital green assets, creating a closed-loop system connecting green assets, blockchain tokens, and global capital [2][5] Group 2: Operational Efficiency - The integration of Ant Group's AI technology is expected to significantly improve operational efficiency by enhancing power generation and load forecasting accuracy, maximizing the value of virtual power plants, and reducing operational costs [3] - This shift from reliance on human experience to AI-driven decision-making is anticipated to lead to a qualitative leap in operational efficiency and establish a new competitive edge based on data intelligence [3][6] Group 3: Carbon Asset Monetization - The collaboration will enable automated carbon accounting and intelligent carbon trading, transforming carbon assets from a compliance burden into a new revenue stream [4][5] - The creation of a carbon financial platform will facilitate the tokenization of green certificates and carbon reduction credits, establishing a standardized and liquid market for these digital assets [4][5] Group 4: Global Expansion and Market Positioning - The company is actively pursuing global expansion, having established partnerships with enterprises across Europe, the Middle East, Africa, and Southeast Asia, which will support its asset management and digital service offerings [5][6] - This strategic shift positions the company favorably in the competitive landscape of the renewable energy sector, transitioning from a heavy asset builder to a light asset manager and value integrator [6]

Core Viewpoint - The recent release of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" marks a significant step towards establishing a comprehensive carbon emission trading system in China, integrating mandatory and voluntary measures, government and market forces, as well as domestic and international elements [1][2]. Summary by Sections Carbon Market Development - The carbon market has become a crucial policy tool for climate governance in China, with pilot programs initiated in 2011 across seven provinces and cities, covering over 20 industries [2]. - The national carbon emission trading market was officially launched on July 16, 2021, and has since become the largest market globally in terms of greenhouse gas emissions coverage, with a cumulative trading volume of 694 million tons and a total transaction value of 47.716 billion yuan as of August 28 [2]. - The voluntary carbon market started later, officially launching on January 22, 2024, with a cumulative trading volume of 250,160 tons and a transaction value of 21 million yuan by August 28, 2025 [2]. Challenges and Policy Directions - The current carbon market faces challenges such as low market activity, insufficient data quality, and underutilization of market mechanisms. The "Opinions" provide specific policy directions to address these issues [3]. - The document emphasizes the need to diversify market participants by introducing financial institutions, non-compliance entities, and individuals to enhance market activity [3]. Data Quality and Management - Data quality is identified as a critical issue, with the "Opinions" proposing measures to enhance data management, including increasing penalties for violations and improving corporate carbon management capabilities [4]. - The establishment of a robust regulatory framework and the development of a digital management information system are also highlighted as essential steps to ensure data integrity and compliance [4]. Market Mechanisms and Opportunities - The "Opinions" propose optimizing quota management and introducing total control, paid allocation, and quota reserve systems to improve carbon pricing mechanisms [5]. - New market opportunities are anticipated in sectors such as renewable energy, industrial energy efficiency, carbon management, and carbon finance, as the document outlines strategies for economic development in response to climate change [5][6].

Group 1: Company Performance and Projects - The company held a half-year performance briefing on August 29, 2025, discussing key projects and financial results with investors [1] - The 378MW fish-solar complementary project generated revenue of 63.06 million yuan and a net profit of 17.23 million yuan in the first half of 2025, achieving an annualized capital return rate exceeding 10% [1] - The company is advancing multiple projects in the renewable energy sector, including a 150MW solar project that was completed and connected to the grid in August 2025, and a 100MW/200MWh energy storage project that began operations on June 24, 2025 [2] Group 2: Logistics and Smart Manufacturing - The logistics subsidiary, Yueda Changjiu Logistics, achieved revenue of 128 million yuan in the first half of 2025, focusing on automotive logistics and increasing its market share [3] - The smart manufacturing segment includes Yueda Intelligent Agricultural Equipment, Yueda Textile, and Yueda Special Vehicles, with the latter achieving a revenue of 167 million yuan, a year-on-year increase of 45.22% [4] Group 3: Industry Trends and Policy Impact - The transition to grid parity in the solar industry is expected to create new challenges and opportunities, with the company positioned to benefit from its strong resource advantages and project operation capabilities [6] - The company has established a solid foundation for green electricity trading, with over 2 million kilowatt-hours traded in 2024 and the successful operation of multiple microgrid projects [7] Group 4: Recent Acquisitions - The company acquired Yueda Energy Service, which focuses on electricity sales and energy management, signing contracts with 32 new users in the first half of 2025, with a total agency electricity scale of 2.55 billion kilowatt-hours [8]