证券日报网讯1月12日，青达环保在互动平台回答投资者提问时表示，公司全负荷脱硝系统、烟气节能 环保处理系统、清洁能源消纳系统等核心业务，均与碳排放双控及能源绿色转型政策密切相关。同时， 公司积极布局氢能装备的研发和制造，精准契合政策导向，全面把握绿电应用与低碳发展的市场机遇。 ...

再算经济账，虽然光伏板和风机成本已经大幅下降，但绿电的系统成本依然高昂。为了让不稳定的绿电 更好用，我们需要建设庞大的储能设施，还要对煤电进行灵活性改造，这些都离不开真金白银投入。对 不少地区的企业来说，用绿电往往意味着更高的成本。 看市场机制，目前绿电市场存在一个现象——"想买买不到，想卖卖不出"。什么是绿电？怎么证明用的 是绿电？这涉及绿证和绿色电力交易。当前绿电认证体系还有完善空间，交易规则也较复杂，与国际接 轨还有一定距离。一些企业用绿电时往往面临着"不知怎么买""买了说不清"的尴尬局面。 扩大绿电应用，要从技术创新与市场机制上发力。大力发展储能技术，让绿电可以存起来；建设智能电 网，让绿电可以流动得更顺畅。只有解决了技术瓶颈，绿电才能真正成为主力电源。持续建设全国统一 电力市场，让绿电交易像买菜一样方便。同时，推广绿证制度，让每一度绿电都有据可查。此外，还可 以通过财税、价格等政策，让用绿电的企业尝到甜头，让发绿电的企业看到希望，形成共赢格局。 为推动能源转型，实现"双碳"目标，我国已建起全球最大的可再生能源体系。但能源转型的深层考验， 不仅在于绿电发得出，更在于用得好。2025年底召开的中央经济工 ...

Investment Rating - The report maintains a "B" rating for the new materials sector, indicating a leading position in the market [2]. Core Insights - The central economic work conference emphasizes a comprehensive green transition, suggesting a focus on upstream raw material opportunities in the wind power sector. The wind power industry is expected to maintain a high prosperity pattern, with annual new installed capacity projected to be no less than 120 million kilowatts during the 14th Five-Year Plan period, reaching a cumulative installed capacity of 1.3 billion kilowatts by 2030 and 5 billion kilowatts by 2060 [5][4]. Market Performance - The new materials sector saw an increase of 0.66%, underperforming compared to the ChiNext Index, which rose by 2.08%. Over the past five trading days, the synthetic biology index fell by 1.58%, while semiconductor materials increased by 6.21%, electronic chemicals by 7.05%, industrial gases by 4.48%, and battery chemicals decreased by 1.88% [2][18][13]. Price Tracking - Amino acids: Valine at 13,050 CNY/ton (up 3.57%), Arginine at 20,950 CNY/ton (down 1.87%), Tryptophan at 30,500 CNY/ton (unchanged), Methionine at 17,950 CNY/ton (down 2.45%) [3]. - Industrial gases: UPSSS grade hydrofluoric acid at 11,000 CNY/ton (unchanged), EL grade hydrofluoric acid at 6,160 CNY/ton (up 0.98%) [3]. - Degradable plastics: PLA (FY201 injection grade) at 17,800 CNY/ton (unchanged), PLA (REVODE 201 blow film grade) at 16,800 CNY/ton (down 1.18%) [3]. Investment Recommendations - The report suggests focusing on wind blade manufacturers such as "Shidai New Materials" and "Maijia Xincai" due to the anticipated growth in the wind power upstream materials market [5].

Macro Economic Group - The U.S. non-farm payrolls increased by 64,000 in November, exceeding the expected increase of 50,000, while October saw a decrease of 105,000 [4] - The unemployment rate in November was 4.6%, higher than the expected 4.4%, marking a four-year high [4] - Average hourly wages in November rose by 3.5% year-on-year, slightly below the expected 3.6% [4] Industry Comprehensive Group - Apple plans to significantly expand its smartphone product line, potentially releasing at least seven new flagship models by fall 2027, including the first foldable iPhone expected in fall 2026 [9] - The investment in new energy sources is expected to maintain strong levels next year, with a focus on building smart grids and microgrids [9] - The investment opportunities in the power grid equipment industry are anticipated to grow due to increased investment in energy infrastructure [9] Advanced Manufacturing Group - The largest grid-type lithium-sodium hybrid energy storage station in China has been officially put into operation, with a total installed capacity of 400,000 kW and a green electricity ratio of 98% [12] - This energy storage system can respond to grid load fluctuations and changes in renewable energy output, marking a shift from optional to essential infrastructure for grid resilience [12] - The industry is expected to see improved profitability as the focus shifts from price competition to system service fees [12] Consumer Group - The light manufacturing sector is experiencing structural opportunities, with companies that have established overseas production capacity expected to perform well in 2025 [14] - The U.S. housing market is at a historical low, and the anticipated interest rate cuts are expected to boost housing demand, positively impacting home-related consumption [14] - The outdoor sports category is expected to benefit from the recovery of the real estate chain and consumer upgrade trends, providing growth support for related companies [14]

Core Insights - The report highlights the signing of an agreement among the US and eight countries, including Japan and Australia, to strengthen the rare earth supply chain [4] - It notes that China's new social financing in November reached 2.49 trillion yuan, with new RMB loans amounting to 390 billion yuan [4] - The report mentions that the UK experienced an unexpected contraction in GDP in October [4] Economic Data - The Baltic Dry Index closed at 2205.00, down 3.88% [5] - The Nasdaq Index closed at 23195.17, down 1.69%, while the Dow Jones Industrial Average closed at 48458.05, down 0.51% [5] - The ICE Brent crude oil price was reported at 61.22, down 0.10% [5] - The Hong Kong Hang Seng Index closed at 25976.79, up 1.75% [5] - The Shanghai Composite Index closed at 3889.35, up 0.41% [5]

Market Performance - On December 12, 2025, A-shares saw all three major indices rise, with the Shanghai Composite Index closing at 3889.34 points, up 0.41% [1] - The Shenzhen Component Index closed at 13258.33 points, up 0.84%, and the ChiNext Index closed at 3194.36 points, up 0.97% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.09 trillion yuan, an increase of 230 billion yuan from the previous trading day [1] - Hong Kong's stock market indices rebounded strongly, with the Hang Seng Index rising 1.75% to 25976.79 points, and a total trading volume of 242.657 billion HKD [1] - In contrast, U.S. stock indices collectively fell, with the Dow Jones down 0.51%, the Nasdaq down 1.69%, and the S&P 500 down 1.07% [1] Economic Policies - On December 14, 2025, three departments issued a notice to enhance collaboration between commerce and finance to boost consumer spending [2] - The notice emphasizes upgrading consumer goods, particularly durable goods and digital products, and improving financial services for consumer loans [2] - Financial institutions are encouraged to collaborate with platforms and key merchants to enhance payment options and better meet consumer needs [2] - The policy aims to rationally determine loan issuance ratios, terms, and interest rates based on customer repayment ability and credit status [2] Green Development Initiatives - At the 2025-2026 China Economic Annual Conference, a government official highlighted the transition to carbon emission control starting next year [3] - The focus will be on promoting green transformation and developing a new energy system, including expanding the application of green electricity [3] - The initiative includes fostering new growth points such as hydrogen energy and green fuels, and establishing zero-carbon parks and factories [3]

Core Viewpoint - The Central Economic Work Conference emphasizes the "dual carbon" goals as a guiding principle for economic work in the coming year, focusing on comprehensive green transformation and the establishment of a new energy system to ensure energy security and transition [1][3]. Group 1: Green Transformation and Energy Strategy - The conference highlights the importance of advancing energy-saving and carbon reduction transformations in key industries, with a focus on creating a strong energy nation through top-level planning [5][10]. - The "14th Five-Year Plan" is identified as a critical period for rapid green and low-carbon transformation, while the "15th Five-Year Plan" will be crucial for achieving carbon peak and green transformation [3][6]. - Energy activities account for over 80% of total carbon emissions, making it a primary battleground for achieving carbon peak goals and building a beautiful China [4]. Group 2: Renewable Energy Development - The conference calls for the expansion of green electricity applications, with renewable energy generation capacity increasing from 40% to approximately 60% [8]. - The current renewable energy landscape includes significant annual additions of wind and solar power, with green electricity now constituting one-third of total electricity consumption [8]. - Key areas for expanding green electricity applications include export-oriented enterprises, large corporations enhancing brand image, and local government mandates for high-energy-consuming sectors [8]. Group 3: Key Industry Transformation - The focus on energy-saving and carbon reduction transformations will target high-energy-consuming and high-emission industries such as steel, non-ferrous metals, building materials, petrochemicals, and data centers [9]. - Successful transformation requires a combination of technology, management, and mechanisms, including the promotion of mature technologies and comprehensive carbon management practices [9]. - The government will support these transformations through subsidies, tax incentives, and green finance to ensure that early adopters benefit [9]. Group 4: Carbon Market Development - Strengthening the national carbon emissions trading market is a key focus, with plans to expand its coverage from the power sector to include steel, cement, and aluminum industries by 2027 [11][12]. - The carbon market is seen as a core policy tool for achieving the "dual carbon" goals, with an emphasis on expanding and deepening its operational mechanisms [12]. - Future developments in the carbon market will include setting scientific quotas, ensuring data authenticity, and exploring financial innovations to mobilize funds towards green and low-carbon sectors [12].

Group 1 - The Central Economic Work Conference held on December 10-11 outlined plans for economic work in 2026, emphasizing the need to develop a strong energy nation and accelerate the construction of a new energy system while expanding green electricity applications [1] - As of June 2025, China's installed capacity for wind and solar power exceeded 1.67 billion kilowatts, accounting for approximately 45.8% of the total installed power capacity, making it the main source of new power generation [1] - The transition to a low-carbon energy structure is critical, as China's energy system has long been coal-dominated, and the key to this transition lies in establishing a new energy system led by clean energy sources like wind and solar [1] Group 2 - A new energy system aims to achieve high proportions of renewable energy supply and consumption, integrating diverse energy storage, intelligent scheduling, and advanced information communication technologies [2] - The infrastructure for the new energy system includes essential components such as energy storage systems, which are crucial for addressing the challenges of clean energy consumption [2] - The new energy storage industry is accelerating, with installed capacity exceeding 10 million kilowatts by September 2025, and there is a notable shortage of production capacity and rising prices in the market [3] Group 3 - Expanding green electricity applications is a vital part of accelerating the new energy system, which involves converting renewable energy sources into electricity to enhance consumption and reduce carbon emissions [3] - Policies like "green electricity direct connection" and "zero-carbon parks" have been introduced to support the expansion of green electricity applications [3] - By 2030, it is projected that non-fossil energy generation will account for about 60% of installed capacity and nearly 50% of total generation, with non-fossil generation growth contributing approximately 90% to the overall increase in electricity consumption [3]

Core Viewpoint - The event during the 2025 China Langfang International Economic and Trade Fair showcased the launch of the light-sensitive semiconductor hydrogen production solution and the high-quality development of clean energy in Weichang, highlighting its unique development model of "sunlight to green hydrogen, turning stone into gold, and green electricity to green diamonds" [1][3][5] Group 1: Event Overview - The event featured a dual approach of "technology launch + scenario release," aimed at fostering government-enterprise cooperation and industry connections, attracting high-quality enterprises and innovative resources to accelerate the development of Weichang's clean energy industry [3][5] - Weichang is recognized as a "national first batch of green energy demonstration counties" and has a unique geographical advantage with a significant clean energy endowment, including abundant wind, solar, geothermal, and biomass resources [3][5][8] Group 2: Technological Innovations - Chengfeng Hydrogen Intelligent Equipment (Hebei) Co., Ltd. introduced a groundbreaking light-sensitive semiconductor hydrogen production solution, achieving an average light-to-hydrogen conversion rate exceeding 19% and aiming to reduce green hydrogen costs to below 20 yuan by 2026, four years ahead of the International Energy Agency's target [5][6] - Zhongxian New Materials Technology (Chengde) Co., Ltd. developed a novel all-electric kiln technology and high-performance continuous basalt fiber formula, transforming basalt into a new environmentally friendly fiber with applications across various industries [5][6] - Hebei Toshi Crystal Armor Technology Co., Ltd. presented a green energy and advanced material integration model, utilizing clean electricity to drive low-carbon diamond production, promoting a closed-loop system for energy structure transformation [6] Group 3: Industry Development and Future Prospects - Experts from various universities provided insights into the current status and future prospects of Weichang's clean energy industry, while the Beijing Yizhuang Industrial Research Institute released a clean energy industry chain map, detailing strategic planning and development blueprints [7][9] - The event emphasized Weichang's commitment to ecological priority and green development, showcasing its clean energy resources and achievements, while attracting interest from enterprises and investors in various projects [7][8] - Weichang aims to create a comprehensive industrial chain around energy, focusing on the entire lifecycle of energy production, transmission, storage, and utilization, thus providing a replicable model for clean energy industry development nationwide [8]

Core Points - The 7th China-Arab States Expo will be held from August 28 to 31, 2025, in Yinchuan, Ningxia, focusing on clean energy as a key exhibition area [3] - The theme of the clean energy exhibition is "Deepening Energy Cooperation and Creating a Beautiful Green Future," showcasing advanced technologies and high-end equipment across various fields including oil and gas clean utilization, commercial nuclear energy, energy storage, wind energy, solar energy, hydrogen energy, and new energy vehicles [3] - A new "Green Electricity Application Zone" will be established to address key challenges in the renewable energy sector, focusing on the application of renewable energy [3] Summary by Sections Clean Energy Exhibition - The clean energy exhibition is organized by the Ningxia Development and Reform Commission and will feature cutting-edge technologies and equipment [3] - The exhibition will include discussions on technical bottlenecks and market mechanism improvements in the efficient utilization of new energy [3] Green Electricity Application Zone - The "Green Electricity Application Zone" will consist of four core areas: smart grid systems, efficient energy storage systems, renewable energy application scenarios, and renewable hydrogen production [3] - The zone aims to facilitate dialogue among government officials, industry experts, and corporate representatives to explore effective solutions for renewable energy application [3][5] Industry Collaboration - The establishment of the "Green Electricity Application Zone" is intended to showcase technological innovations in the clean energy sector and promote collaborative development within the new energy industry [5] - This initiative will serve as a bridge to integrate upstream and downstream resources, enhance technology exchange and cooperation, and boost the efficient utilization of new energy electricity [5]