Core Viewpoint - Dongying City is advancing its carbon footprint management from a nascent stage to a systematic framework, focusing on achieving dual carbon goals through innovative collaborative efforts [3]. Group 1: Carbon Footprint Management - Carbon footprint management is essential for implementing the dual carbon goals, with Dongying City targeting core needs starting in 2023 [3]. - The city is establishing the "Yellow River Delta Smart Carbon Valley" platform, which serves as a digital hub for carbon management, covering the entire process from carbon resource development to carbon trading [3]. - The platform has already provided over 120 professional services to enterprises and attracted 21 companies in the new energy and dual carbon industry chain, facilitating carbon asset transactions exceeding 70 million yuan [3]. Group 2: Infrastructure and Standards - Dongying City is accelerating the construction of the provincial carbon measurement center, with laboratory construction, database setup, and talent recruitment already underway [3]. - The city has led and participated in the release of three group standards and is involved in drafting six national and industry standards to strengthen the foundation for carbon footprint accounting [3]. Group 3: Pilot Projects and Collaborations - To ensure the success of pilot projects, Dongying City has established a task force led by a deputy mayor, collaborating with multiple departments such as development and reform, industry and information technology, ecological environment, and market regulation [4]. - The city has partnered with the China Quality Certification Center to select three companies, including Sailun Tire, as pilot projects for green certification, aiming to facilitate the international market entry of Dongying's green tires [4].

（文章来源：证券日报） 证券日报网讯中科环保9月18日发布公告，在公司回答调研者提问时表示，垃圾焚烧供热价格不直接与 燃煤价格联动。供热价格会参考当地市场指导价，但主要基于热用户的需求量及蒸汽标准确定。公司垃 圾焚烧供热相较燃煤燃气供热具有一定的成本优势，同时垃圾焚烧供热具有绿色属性，可以助力碳足迹 管理、节约能耗指标。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 中新网长春9月17日电 (记者 郭佳)中国东北老工业基地省份吉林，正在推动建立碳足迹管理体系，以实 现经济绿色转型，提升产品国际竞争力。 记者17日从吉林省生态环境厅召开的新闻发布会获悉上述信息。目前，该厅已会同吉林省发展和改革委 员会、吉林省工业和信息化厅等14个部门单位，制定印发了《吉林省建立碳足迹管理体系实施方案》 (下称《方案》)。 根据《方案》，到2027年，吉林省将出台一批重点产品碳足迹核算规则，鼓励引导汽车、轨道交通、钢 铁、水泥、石化、农产品加工和食品、医药等出口优势产业和特色产业开展碳足迹核算，初步建立产品 碳足迹标识认证及分级管理制度。到2030年，核算标准体系进一步完善，重点产品碳足迹核算得到广泛 推行。 吉林省生态环境厅应对气候变化处处长张齐斌介绍，《方案》明确14项重点任务，包括扩充完善省级产 品碳足迹因子、落实产品碳标识认证制度、开展信息披露工作等。 碳足迹是指个人、组织、产品或活动在全生命周期内直接或间接产生的温室气体排放总量，通常以二氧 化碳当量来衡量。 位于吉林长春的中德合资车企——一汽-大众汽车有限公司减污降碳卓有成效。该公 ...

Core Insights - The central government has issued a significant policy document to advance the construction of a national carbon market, marking the first central document in this field, which outlines a long-term development timetable, roadmap, and task list for the national carbon market [1] Carbon Market Development - The national carbon market has been operational for four years, achieving breakthroughs by expanding coverage to the steel, cement, and aluminum industries, and issuing the first batch of certified voluntary emission reductions (CCER) [1][6] - As of June 30, 2025, the cumulative trading volume of carbon allowances reached 669 million tons, with a total transaction value of 45.93 billion yuan, including a record high of 18.044 billion yuan in 2024 [6][1] - The voluntary carbon market has registered 23 projects with a total reduction of 9.48 million tons, and the CCER trading volume reached 2.1938 million tons with a transaction value of 0.185 billion yuan [6][1] Regulatory Framework and Standards - A multi-level and relatively complete regulatory framework for the national carbon market has been established, with over 30 regulations and technical standards developed [5][6] - The Ministry of Ecology and Environment is working on establishing a product carbon footprint management system, including the development of accounting standards and research on carbon footprint factors [2][3][4] Future Directions - The government plans to expand the carbon market to include additional industries such as aviation, petrochemicals, chemicals, and paper manufacturing, based on a principle of gradual inclusion [8][9] - Financial institutions are increasingly participating in carbon finance, with at least 18 institutions having obtained carbon trading qualifications, and the market is expected to see a diversification of trading products and participants [10][11] International Cooperation - China is actively participating in the global carbon market and is involved in the development of international carbon market rules, contributing to global climate governance [15][16] - The country aims to enhance its international influence and promote the mutual recognition of carbon market standards and technologies [16]

Group 1: National Carbon Market Development - The central government has issued a significant policy document to advance the construction of the national carbon market, marking the first central document in this field, which outlines a timeline, roadmap, and tasks for long-term development [1][2] - The national carbon market has been operational for four years, achieving breakthroughs by expanding coverage to the steel, cement, and aluminum industries, and officially issuing the first batch of certified voluntary emission reductions (CCER) [1][7] - As of June 30, 2025, the cumulative trading volume of carbon allowances reached 669 million tons, with a total transaction value of 45.93 billion yuan, and the trading volume for 2024 alone reached a historical high of 18.044 billion yuan [2][7] Group 2: Carbon Footprint Management - The Ministry of Ecology and Environment is actively working on establishing a product carbon footprint management system, which includes developing accounting standards and guidelines for carbon footprint calculations [3][4] - The ministry has released national standards for greenhouse gas product carbon footprint quantification, aiming to facilitate the calculation of carbon footprints across various sectors [3][4] - Future efforts will focus on enhancing data infrastructure, conducting pilot projects, and promoting international cooperation in carbon footprint management [5][6] Group 3: Carbon Financial Market - The carbon financial market has seen increased activity, with at least 18 financial institutions obtaining carbon trading qualifications, and various carbon financial products being developed [12][13] - The national carbon market currently restricts participation to key emission units, while the voluntary carbon market allows a broader range of participants, including financial institutions and project owners [12] - Plans are in place to expand trading participants and develop new financial products while ensuring market stability and regulatory oversight [12][13] Group 4: Climate Investment and Financing - The climate investment and financing pilot regions have made significant progress, with over 5,400 projects in the pipeline and total investments exceeding 3 trillion yuan [15] - The pilot regions have developed a collaborative mechanism involving government, departments, and market participants to support climate investment and financing [14][15] - Financial tools have been innovated to address funding bottlenecks, with carbon reduction support tools facilitating over 1.1 trillion yuan in loans [16] Group 5: International Cooperation and Global Carbon Market - China is actively participating in the development of international carbon market rules and has established a national carbon trading market that plays a crucial role in global climate governance [17][18] - The country is exploring cross-border carbon trading and aims to enhance international collaboration in carbon market mechanisms [18] - China emphasizes the importance of multilateralism in addressing climate change and is committed to contributing to global green and low-carbon transitions [19][20]

Group 1: National Carbon Market Development - The central government has issued a significant policy document to advance the construction of the national carbon market, marking the first central document in this field, which outlines a long-term development timetable and roadmap [1][2] - The national carbon market has been operational for four years, achieving breakthroughs by expanding to include the steel, cement, and aluminum industries, and issuing the first batch of certified voluntary emission reductions (CCER) [1][7] - As of June 30, 2025, the cumulative trading volume of allowances reached 669 million tons, with a total transaction value of 45.93 billion yuan, indicating a robust market performance [2][7] Group 2: Carbon Footprint Management - The Ministry of Ecology and Environment is actively working on establishing a product carbon footprint management system, which includes developing accounting standards and guidelines for carbon footprint calculations [3][4] - The government aims to enhance the management of carbon footprints by accelerating research on carbon footprint factors and establishing a comprehensive database [4][5] - A series of pilot projects and international cooperation initiatives are being explored to improve carbon footprint management and certification processes [6][11] Group 3: Financial Market and Carbon Trading - The carbon financial market is experiencing growth, with at least 18 financial institutions obtaining carbon trading qualifications, indicating increased participation and product diversity [11][12] - The government plans to expand trading participants in the mandatory carbon market while introducing more diverse trading products and enhancing regulatory oversight [11][12] - The voluntary carbon market has seen significant engagement, with 5,787 registered entities, including financial institutions and project owners, contributing to a dynamic trading environment [7][11] Group 4: International Cooperation and Global Trends - China is actively participating in the global carbon market development, contributing to international climate governance and sharing its experiences in carbon market construction [15][16] - The country is exploring cross-border carbon trading and establishing management systems to facilitate international cooperation in carbon markets [16] - The global trend towards carbon market mechanisms is supported by the implementation of the Paris Agreement, with China positioning itself as a key player in this arena [15][19]

Core Viewpoint - Yunnan Province is advancing the construction of zero-carbon parks, aiming to provide 100% green electricity to enterprises within these parks, and has initiated the development of 15 provincial-level zero-carbon parks in three batches [1][2]. Group 1: Zero-Carbon Park Development - Yunnan has selected and initiated the construction of 15 provincial-level zero-carbon parks, implementing a "one park, one policy" approach to promote development [1][3]. - The parks include key areas such as Xiangyun Economic Development Zone and Dali Economic Development Zone, which are highlighted as candidates for national carbon peak pilot cities [1][3]. Group 2: Green Electricity and Integrated Projects - The goal is to provide 100% green electricity to enterprises in the parks, with ongoing implementation of integrated projects like "source-network-load-storage" [2]. - The Tianfengshan "wind-solar-storage" integrated project in Xiangyun Economic Development Zone has been completed and is operational [2]. Group 3: Carbon Footprint Management - Yunnan has established carbon footprint accounting targets for provincial-level zero-carbon parks and released a key product directory for carbon footprint accounting [2]. - Companies like Beitaini and Duobao Group have achieved full carbon footprint certification for 17 products, with 51 products undergoing carbon footprint accounting certification in the first two batches of parks [2]. Group 4: Third Batch of Zero-Carbon Parks - The third batch of provincial-level zero-carbon parks includes Yiliang Industrial Park, Zhaoyang Economic and Technological Development Zone, and others, focusing on resource recycling, non-ferrous metals, and green energy [3]. - Future efforts will concentrate on green electricity supply, "green production" industrial development models, and enhancing carbon management [3].

Group 1 - The 2025 Zero Carbon Industry (Changping) Green Investment Conference was successfully held in Beijing, focusing on the theme "New Quality Drives Digital Intelligence Integration for Zero Carbon Transformation" with over 200 representatives from government, research institutions, and leading enterprises discussing the development path of the zero-carbon industry [1] - The conference highlighted the achievements in China's energy transition under the "dual carbon" goals, including the continuous expansion of renewable energy and significant improvements in energy efficiency, while also addressing challenges such as energy supply reliability and the pressure for traditional energy to transition to cleaner forms [3] - The China Classification Society Quality Certification Company has completed over 10,000 greenhouse gas verifications and over 1,000 emission reduction project audits since 2008, emphasizing its role in leading the construction of zero-carbon standards [5] Group 2 - The domestic voluntary carbon market has shown significant progress since its launch in January 2024, with a registration of 9.48 million tons of emission reductions and a transaction volume exceeding 200 million yuan, indicating a stable CCER price between 80-90 yuan per ton [7] - The National Climate Strategy Center is accelerating the establishment of a product carbon footprint management system, planning to develop about 200 key product accounting rules and a national carbon footprint factor database by 2027-2030 [9] - The "Zero Carbon China" evaluation information system was launched, featuring a standardized evaluation system, intelligent data analysis, and a visual monitoring platform to support various stakeholders in achieving low-carbon transitions [17][19] Group 3 - The "Zero Carbon China" initiative has entered a new phase of large-scale practice, with 15 exemplary cases selected that demonstrate significant potential for promotion across various scenarios, including zero-carbon parks, factories, and villages [21] - Jiangzhong Pharmaceutical has implemented a systematic approach to green transformation, achieving a 30% share of self-generated green electricity and a 60% reduction in energy consumption through innovative technologies [23] - The National Energy Biomass Power Generation Group has contributed 100 billion kilowatt-hours of green electricity and reduced carbon dioxide emissions by 100 million tons, while promoting a "green thermal power + bio-economy" strategy [25][26]

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including Huicheng Environmental, Gaoneng Environment, and Hongcheng Environment [4]. Core Insights - The green low-carbon construction is accelerating, presenting new opportunities in carbon footprint management. The Ministry of Industry and Information Technology has deployed urgent actions for product carbon footprint accounting and resource utilization standards, focusing on three major actions: standard innovation in green low-carbon industries, digital-green synergy, and updates in energy-saving and water-saving standards [1][23]. - The Sichuan provincial government has issued a plan for establishing a carbon footprint management system, with clear targets for 2027 and 2030, encouraging investment institutions to incorporate product carbon footprints into ESG and sustainable development due diligence [1][24]. Summary by Sections Investment Views - The report highlights the importance of focusing on companies with strong technical capabilities and excellent cash flow, particularly in the context of low macroeconomic interest rates. It recommends companies benefiting from carbon neutrality, such as high-energy waste leader Gaoneng Environment and Huicheng Environmental, which is entering the waste plastic recycling market [2][37]. - The report emphasizes that the environmental sector's institutional holdings and valuations are at historical lows, suggesting a potential rebound in the sector [37]. Market Performance - The environmental sector performed moderately, slightly outperforming the Shanghai Composite Index but underperforming the ChiNext Index. The sector's index rose by 1.92%, while the Shanghai Composite Index increased by 1.91% and the ChiNext Index by 5.69% [3][41]. - Sub-sectors within the environmental industry showed varied performance, with monitoring up by 8.52% and water treatment by 2.75% [3][41]. Key Companies - Huicheng Environmental is noted for its strong growth potential, with a compound annual growth rate (CAGR) of 13.0% in revenue and 22.7% in net profit from 2016 to 2024. The company is expanding its projects in water supply and wastewater treatment [4][38]. - Gaoneng Environment aims to become a global leader in environmental system services, focusing on hazardous waste resource utilization and environmental operation services [4][39]. - Hongcheng Environment is recognized for its stable growth and high dividend yield, with a projected cash dividend of 600 million yuan in 2024, representing 50.1% of its net profit [4][40].

Core Viewpoint - The event held in Hangzhou emphasizes the importance of green and low-carbon development as a crucial part of China's economic and social planning, advocating for collective action to combat climate change and promote sustainable practices [4][5]. Group 1: Green Low-Carbon Development Initiatives - China has implemented a comprehensive "1+N" policy framework to achieve carbon peak and carbon neutrality, focusing on energy structure adjustment, carbon market establishment, and enhancing carbon sink capabilities [4]. - The event featured the release of significant reports, including the "2025 Product Carbon Footprint Management System Progress Report" and the "2024 China Climate Change Adaptation Progress Report," highlighting advancements in carbon management [5]. - Zhejiang province showcases successful green transformation initiatives, such as converting bamboo into carbon sinks and recycling plastic bottles into high-end products, demonstrating that green transformation is a core driver of high-quality development [5][7]. Group 2: Technological Innovations in Low-Carbon Development - Hangzhou has introduced innovative technologies like quadruped robots for environmental monitoring, significantly reducing carbon emissions and enhancing emergency response efficiency [8][9]. - The city has achieved a notable reduction in energy consumption, with GDP energy consumption dropping to 0.25 tons of standard coal, while the share of non-fossil energy continues to rise [9]. - The establishment of a comprehensive intelligent monitoring network in Yuhang district integrates AI and environmental governance, promoting effective pollution reduction and carbon management [10]. Group 3: Community Engagement and Sustainable Practices - The event encourages community participation in low-carbon practices, with initiatives like household waste recycling carbon reduction accounting systems and carbon accounts for residents [10]. - The promotion of green consumption is evident, with products like West Lake Longjing tea and Qiandao Lake water receiving carbon labels, reflecting a growing trend towards sustainable consumer choices [9]. - Yuhang district has developed a low-carbon international community, integrating low-carbon principles into urban planning and fostering a collaborative approach to environmental protection [10].