工业转型规模化：2025 年高排放行业与净零转型进展 ——报告点评 2026 年 1 月 28 日 ESG 点评报告 ：18600816533 ：mazongming_yj@chinastock.com.cn 分析师登记编码：S0130524070001 研究助理 方嘉成 ：17394948526 ：fangjiacheng_yj@chinastock.com.cn 相关研究 核心观点 分析师 马宗明 10. 【银河 ESG】全球可持续发展脉搏——应对气候 变化中企业与投资的关键审视 4. 【银河 ESG】兼顾环境的投资组合能否提高投资业 绩？ 6. 【银河 ESG】伊斯兰投资能否促进投资组合多元化 5. 【银河 ESG】动态投资风险比较：清洁能源与污染 能源 7. 【银河 ESG】绿色金融与技术创新是低碳发展的核 心动力 1.【银河 ESG】国有机构投资者是否更关注 ESG？ 8. 【银河 ESG】地缘政治、清洁能源发展与未来能源 安全 2. 【银河 ESG】董事会是否会因为企业非财务表现受 损而罢免 CEO？ 9.【银河 ESG】合力奋进，共御气候变化——碳定 价、政策联动与全球减排之路 3. 【银河 E ...

国产算力正处于一个非常有利的位置。 且训推一体芯片也存在一定问题，曦望联席CEO王勇将其总结为三大困境：成本高昂，供应不稳定；能耗惊人；部署运维复杂。未来，合理的算力访存比才 是芯片竞争的关键。算力访存比是衡量芯片算力与数据传输能力匹配度的核心指标。 过去芯片行业竞争的核心是"堆算力"，随着推理算力需求爆发，"内存墙"逐渐成为芯片性能的主要瓶颈。计算单元的算力提升速度远快于访存带宽的提升速 度，导致大多数芯片的纸面算力无法在实际场景中释放，这一矛盾在推理芯片中尤为突出。为应对该挑战，英伟达创始人黄仁勋提出从单芯片优化升级为系 统级协同设计的方案，这也是Vera Rubin平台的核心设计逻辑。 王勇也有类似观察，他对记者表示，现在的大模型公司以DeepSeek为代表，不仅会做大模型，也会牵引框架变化，带动从模型架构到算子开发、推理系统 的全链路技术创新，推动框架适配新计算范式与跨硬件部署，试图摆脱对英伟达CUDA生态的依赖。此次曦望也发布了AI算力平台，以自研芯片为底座，与 多家大模型进行适配，从系统侧提高芯片利用效率。 炜烨智算董事长兼CEO周韡韡表示，国产芯片定位越来越准确——从最初盲目追求与国际高性能算力 ...

Core Insights - Coca-Cola China is launching a series of activities for the 2026 Lunar New Year, aiming to achieve both brand value and market share growth through cultural innovation and product collaboration [2] - The company emphasizes "localized market operations" and "core consumption scenario-driven growth" as part of its global strategy, with the Chinese market identified as a key area for resilience and structural opportunities [2] - The focus on the Lunar New Year as a significant consumption period is intended to leverage emotional connections and drive sales, positioning the brand for long-term engagement in festive consumption [2][3] Group 1 - The 2026 Lunar New Year limited edition fireworks cans integrate traditional cultural elements, reinforcing the brand's connection to Chinese New Year culture [3] - This cultural innovation strategy aims to enhance market performance during the festive period and build a more sustainable growth foundation in China [3] - Coca-Cola China is enhancing its operational capabilities through multi-brand collaboration and integrated supply chain management to meet the peak demand during the New Year [3][4] Group 2 - The company is coordinating multiple brands, including Coca-Cola, Sprite, and Costa Coffee, to cover various consumption scenarios such as family gatherings and social visits [3] - By employing differentiated product positioning and unified festive marketing, Coca-Cola China aims to improve channel efficiency and cross-selling capabilities [3] - On the supply side, Coca-Cola China is leveraging systematic operational advantages and collaborating with three major bottling partners to ensure stable market supply during the festive season [4]

Core Insights - Coca-Cola China officially launched its 2026 New Year series activities with a fireworks event in Chongqing, emphasizing the theme "Let’s Celebrate Together" to enhance consumer engagement during the Spring Festival [2][4] - The Spring Festival is a crucial consumption period in China, and Coca-Cola aims to strengthen its brand connection with this holiday through cultural expressions and product innovations [2][7] Group 1: Cultural and Product Innovation - Since 2022, Coca-Cola China has been integrating traditional Chinese culture into its product offerings, including zodiac-themed packaging and the introduction of fireworks elements in its products [4] - For the 2026 Year of the Horse, Coca-Cola China will launch a limited edition New Year fireworks can featuring traditional auspicious symbols, combining modern beverage marketing with traditional craftsmanship [4] Group 2: Multi-Brand Strategy - Coca-Cola China leverages its multi-brand portfolio, including Coca-Cola, Sprite, Minute Maid, Fanta, and Costa Coffee, to cover various consumer needs during the Spring Festival [4] - Each brand tailors its activities to specific consumption scenarios, ensuring a comprehensive approach to meet diverse consumer demands during the holiday [4] Group 3: Supply Chain and Market Strategy - Coca-Cola China has established a robust supply chain by collaborating with three major bottling partners and 46 factories nationwide to ensure stable product supply during the Spring Festival [6] - The company will initiate a "Market Impact Week" before the holiday to engage directly with consumers and gather market insights for future product planning [6] Group 4: Long-term Market Commitment - With over 40 years in the Chinese market, Coca-Cola aims to deepen its connection with local consumers by continuously innovating products and services tailored to their needs [7] - The brand seeks to become an indispensable part of the Chinese Spring Festival, revitalizing traditional celebrations and injecting new energy into the consumption market [7]

Core Insights - The core focus of the "14th Five-Year Plan" is on "high quality," indicating a shift in the new energy storage industry from rapid growth to a balance of speed and quality [1] - The new energy storage sector is transitioning from policy-driven storage to market-oriented independent operations, with high quality, safety, and economic efficiency becoming the three key metrics for industry development [1][6] - The construction-type energy storage technology is deemed irreplaceable in stabilizing the new power system, providing essential support for renewable energy sources like solar and wind [1][6] Industry Developments - The Sichuan Ganzi Guodian Investment 40MW/80MWh storage project has successfully demonstrated 100% stable solar power supply for 7 days, showcasing the effectiveness of the construction-type energy storage system in extreme environments [2][4] - The project utilizes advanced technologies such as microsecond-level voltage support and millisecond-level inertia response to mitigate fluctuations in solar output [2][3] - The system's ability to seamlessly switch to off-grid operation without interruption exemplifies the critical role of construction-type technology in ensuring stable power supply [2][3] Technological Advancements - The industry is now competing on system-level capabilities rather than individual component performance, emphasizing the importance of overall system coordination [3] - The PowerTitan 3.0 AC storage platform, launched by the company, features a high energy density of 570kWh/m², which is the highest in the industry, and aims to reduce operational costs for owners [5] - The modular design of the PowerTitan platform allows for versatile applications across various scenarios, enhancing overall efficiency and safety [5] Market Trends - The National Energy Administration's recent guidelines emphasize the need for integrated development of energy sources, networks, loads, and storage, highlighting the importance of system collaboration [3] - The successful operation of the Ganzi project provides a replicable model for power supply solutions in remote areas, contributing to the reduction of carbon emissions and enhancing grid efficiency [4][6] - The industry is moving towards a market-oriented profit model, where energy storage not only stabilizes the grid but also generates continuous revenue for owners [4]

Core Insights - Wood Mackenzie warns that global oil demand will continue to rise at least until 2032, indicating a deviation from the Paris Agreement goals [1] - The primary drivers of oil demand are transportation and petrochemical needs, despite significant investments in energy transition [1] - Fossil fuels still account for approximately 80% of global primary energy demand, highlighting the challenges in transitioning to renewable energy [1] Group 1: Energy Demand Dynamics - The report emphasizes that fossil fuels remain widely available and cost-competitive, deeply embedded in the energy system [1] - Coal demand reached a historical high last year and is expected to break records again this year, indicating persistent reliance on fossil fuels [1] - The surge in electricity consumption by data centers has led to a rush in building baseload power sources, underscoring the limitations of renewable energy to meet incremental demand [1] Group 2: Structural Challenges in Energy Transition - The findings align with Deng Zhenghong's soft power theory, which highlights the need for rule reconstruction, demand drivers, and system collaboration in energy value upgrades [2] - The report indicates that despite trillions invested in energy transition, fossil fuels still dominate due to the structural contradictions in the energy market [2] - The shift in market dominance is characterized by OPEC transitioning from a traditional production controller to a technology standard setter [2] Group 3: Demand-Driven Growth - Deng Zhenghong's demand-driven economic growth paradigm aligns with the report's conclusion on the continuous rise in oil demand [3] - Key factors include the growing global vehicle ownership, recovery in the aviation sector, and strong demand for petrochemical products in developing countries [3] - The industrialization processes in emerging markets, particularly in Asia and the Middle East, are driving rigid energy demand growth [3] Group 4: Energy System Imbalances - Deng Zhenghong's "soft-hard synergy" philosophy provides a framework for understanding the "energy overlay" phenomenon [4] - The report highlights the hard power of sufficient fossil fuel capacity and the soft power challenge of fragmented technology standard-setting [4] - Issues such as the weather dependency of renewable energy and the higher comprehensive costs (including storage) compared to thermal power reflect deep-seated imbalances in the energy system [4] Group 5: Pathways for Collaborative Development - Deng Zhenghong argues that energy transition is a false proposition, advocating for the clean transformation of fossil energy rather than a complete exit [5] - The report suggests that future competition will hinge on rule dominance, technology standards, and value innovation [5] - Key strategies include recognizing long-term energy demand curves, designing rules that balance emission reduction and energy security, and fostering dialogue between oil-producing and consuming countries [5]

Core Insights - The article discusses the evolution of surgical intelligence over the past decade, highlighting the increasing complexity and density of systems in operating rooms, which has led to challenges in coordination and communication among devices [1][2] - Medtronic is attempting to address these challenges through the AiBLE™ digital innovation ecosystem, which aims to create a cohesive system that allows different surgical devices to communicate and collaborate effectively [3][5] System Structure: How AiBLE™ Creates a "Conversational Operating Room" - The key to enabling systems to "speak the same language" lies in establishing a common system syntax, allowing for collaboration among previously isolated modules [7] - AiBLE™ organizes system logic around therapy rather than individual products, facilitating the integration of various surgical aids to enhance treatment efficacy [8] - In orthopedic and neurosurgical ecosystems, Medtronic integrates multiple systems into a cohesive treatment chain, enabling full-process collaboration from preoperative planning to postoperative verification [10][12] Safety Mechanisms: Dual Safety Loops - AiBLE™ constructs a dual safety loop logic that combines spatial safety and functional safety, ensuring precision and stability during surgeries [13] - Spatial safety is achieved through multi-modal fusion and real-time feedback, allowing surgeons to visualize every operation and angle during high-risk procedures [14][15] - Functional safety focuses on preserving functionality and quality, utilizing advanced technologies to protect critical structures during surgery [16] Data Feedback: Enabling System "Memory" - Each surgical data feedback loop contributes to the system's re-training, transforming it from passive collaboration to active learning [18][19] System Dynamics: The Ecosystem's Ability to Absorb New Capabilities - The AiBLE™ ecosystem demonstrates its capacity for growth by integrating new technologies and capabilities, as showcased in recent innovations presented at the China International Import Expo [20] - Collaborations with various medical partners have led to advancements in surgical techniques, enhancing spatial and physiological understanding [21][28] System Evolution: From Connection to Self-Evolution - The significance of AiBLE™ extends beyond mere connectivity; it represents a living ecosystem capable of absorbing new technologies and evolving continuously [35][36] - The focus is on understanding and co-evolving rather than just connecting, positioning AiBLE™ as a sustainable surgical system that fosters collaborative growth among various therapies and partners [36]

Core Viewpoint - The article emphasizes the importance of innovative medical technologies showcased at the China International Import Expo, particularly those that can effectively transition from exhibition to clinical application, highlighting Boston Scientific's commitment to "innovation for life" through its latest minimally invasive products [2][29]. Group 1: Cardiac Health Innovations - Boston Scientific introduced the FARAWAVE NAV catheter, a key component of the FARAPULSE PFA system, which utilizes non-thermal energy for precise cardiac ablation, minimizing damage to surrounding tissues [5][7]. - The FARAWAVE NAV features magnetic navigation and real-time modeling capabilities, enhancing procedural consistency and safety for both novice and experienced practitioners [7][10]. - The integration of the FARAPULSE PFA system with the WATCHMAN FLX Pro device represents a comprehensive approach to atrial fibrillation management, addressing both rhythm control and stroke prevention in a single treatment pathway [8][10]. Group 2: Urological Health Innovations - The AdVance XP system, designed specifically for male stress urinary incontinence, employs an anatomical repositioning technique to restore urinary control, marking a significant advancement in minimally invasive urological treatments [11][14]. - This system's design optimizes structure and materials for improved surgical control and patient outcomes, allowing for real-time adjustments during procedures [13][14]. - The clinical significance of AdVance XP extends beyond physical recovery, aiming to enhance patients' quality of life by addressing both physiological and psychological aspects of urinary incontinence [14][15]. Group 3: Peripheral Vascular Health Innovations - The ENROUTE device introduces a novel "reverse flow protection" mechanism for carotid artery reconstruction, providing real-time protection against embolic events during surgery [16][19]. - This approach is particularly beneficial for high-risk patients who may not tolerate traditional surgical methods, offering a safer alternative for carotid artery disease management [19][20]. - The shift in focus from merely achieving vascular access to ensuring procedural safety reflects a broader trend in minimally invasive techniques, emphasizing the importance of protective innovations in surgical practices [20][21]. Group 4: Diverse Clinical Applications - Boston Scientific also showcased three additional products targeting metabolic, circulatory, and oncological treatments, demonstrating its commitment to addressing a wide range of clinical needs [22][28]. - The Orbera 365 system offers a reversible weight loss solution through endoscopic gastric balloon placement, aligning with national health initiatives for weight management [22]. - TIVUS and Intera 3000 represent advancements in hypertension and cancer treatment, respectively, highlighting the company's strategy to innovate across multiple disease areas [24][26]. Group 5: Digital Solutions and Future Directions - The integration of AI technologies in Boston Scientific's offerings aims to enhance clinical decision-making through data-driven insights, reinforcing the company's "smart minimally invasive" strategy [29][30]. - The successful transition of 22 showcased products from exhibition to market underscores the importance of innovation in improving patient outcomes and accessibility to advanced medical technologies [29][30]. - The overarching goal of these innovations is to ensure that new technologies are not only functional but also closely aligned with the real needs of healthcare providers and patients [30].

Core Viewpoint - The article emphasizes the shift in the semiconductor industry from single-point breakthroughs to system-level collaboration, particularly in advanced packaging and chiplet technologies, driven by the increasing demand for computing power and the need for integrated solutions [4][5][15]. Industry Trends - The demand for computing power is surging, leading to a transition from "process racing" to "system collaboration" in the semiconductor industry [2][4]. - The Bay Area Semiconductor Industry Expo showcased the trend of system-level collaboration, with a focus on Chiplet and advanced packaging ecosystems [2][6]. System Collaboration - Advanced packaging competition is evolving from single-link breakthroughs to full-chain collaboration, necessitating synchronized advancements across design, EDA, manufacturing, and testing [4][14]. - EDA tools are becoming central to connecting design and manufacturing processes, crucial for the successful implementation of Chiplet and advanced packaging technologies [4][5]. Strategic Opportunities for China - China faces a strategic window to leverage its capabilities in packaging, design, and EDA, despite limitations in process technology [5][15]. - The establishment of collaborative mechanisms will define the future of domestic advanced packaging [5][11]. Collaborative Ecosystem - The "Chiplet and Advanced Packaging Ecosystem Zone" at the Bay Area Expo represented a significant step towards creating a visible collaborative framework involving nearly 30 entities [6][11]. - The integration of EDA platforms with real-time collaboration between design and manufacturing is being pursued to enhance system modeling and verification [8][10]. Pathway to Systematic Collaboration - The transition from "small closed loops" to "large systems" reflects a replicable collaborative model, moving from localized validation to systematic implementation [12][14]. - A cross-enterprise, cross-process, and cross-disciplinary collaborative framework is emerging, essential for the self-evolution of China's advanced packaging industry [14][15]. Innovation and Ecological Restructuring - Collaboration is becoming the foundational logic of China's advanced packaging sector, driving innovation and supporting systemic evolution [15][16]. - The redefinition of the innovation order and ecological landscape in the semiconductor industry is underway, led by domestic players like Silicon Core Technology [17][18].