日前，国家发展改革委发布《输配电定价成本监审办法》《省级电网输配电价定价办法》《区域电网输 电价格定价办法》《跨省跨区专项工程输电价格定价办法》4项输配电定价办法（以下简称《办 法》），这意味着我国开启了第四监管周期输配电价改革。 《办法》进一步理顺了跨省跨区输电价格，使利用大电网平抑局部地区新能源波动成为经济可行的选 择；通过容量电价等反映真实成本的价格信号，加速"源网荷储"一体化等新模式新业态商业化进程，激 励能调节负荷的用户积极参与需求侧响应。 促进新能源就地消纳。我国现行省级电网输配电价制定时，区分电压等级和用户类别，价格形式包括单 一电量制和两部制。考虑到新能源就近消纳等新型主体的用电特性明显区别于传统工商业用电，《办 法》将其与工商业用电区分，单独探索实行单一容量制电价，并加强全流程监管。通过精准核算分摊系 统平衡成本，激励更多经营主体通过投资一体化项目完成自平衡，减少对大电网容量依赖。这样既有利 于公平分摊输配电成本，推动新能源就近消纳合理布局，也有望助力推动绿电直供、虚拟电厂、零碳园 区等新模式新业态协同发展。 自2014年新一轮输配电价改革开启以来，在"管住中间、放开两头"的改革理念下，输配 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][11]. Core Insights - The company is positioned as a comprehensive energy service provider in Guangdong, with a strong focus on stable growth and high dividends. It has a diversified business model covering electricity, energy logistics, gas, renewable energy, energy storage, and energy finance, which enhances its operational synergy [10][21]. - The company has maintained a consistent dividend policy, with a dividend payout ratio exceeding 50% over the past three years. The dividend for 2024 is projected at 0.27 CNY per share, marking a historical high in dividend scale [10][45]. Summary by Sections 1. Company Overview - The company is a state-owned enterprise controlled by the Guangzhou State-owned Assets Supervision and Administration Commission, with a diversified energy portfolio across multiple provinces and regions [21][24]. - It has achieved significant green transformation, with over 76% of its installed capacity being green energy [23]. 2. Financial Performance - The company reported a total revenue of 379.34 billion CNY for the first nine months of 2025, a year-on-year increase of 5.46%, and a net profit of 21.59 billion CNY, up 36% year-on-year [33]. - The projected revenues for 2025-2027 are 484.95 billion CNY, 513.84 billion CNY, and 530.19 billion CNY, respectively, with net profits of 22.45 billion CNY, 24.04 billion CNY, and 23.54 billion CNY [11][12]. 3. Business Segments Power Generation - The company has a solid foundation in thermal power, with a total controllable thermal power capacity of 483.65 million kW, including 250 million kW from coal and 233.65 million kW from gas [51]. - The company is expanding its renewable energy capacity, with wind and solar projects reaching a total installed capacity of 595 million kW [10][13]. Natural Gas - The natural gas segment is expected to see significant growth, with a projected revenue of 105.94 billion CNY in 2025, driven by increased sales volume and cost reduction strategies [12][39]. - The company has secured long-term LNG contracts to ensure stable gas supply, enhancing its competitive advantage [68]. Energy Logistics - The energy logistics business is expected to maintain stable revenue, although profit margins may decline in the short term due to fluctuating coal and oil prices [12][39]. 4. Valuation - The current stock price corresponds to a PE ratio of 10.5 for 2025, which is below the industry average. The report estimates a reasonable market value of 301.2 billion CNY, indicating a potential upside of 27.3% from the current market capitalization [11][12].

"全会勾画出'产业蝶变升级、创新活力迸发、文化魅力彰显、区域协调共进、生态秀美宜人、人民 富足安康'的振兴发展新图景，为全省'十五五'时期各项工作明确了目标。"深入学习全会精神，省统计 局党员干部深受鼓舞、倍感振奋。全省统计系统将提高政治站位、激发奋进斗志，进一步坚定信心，切 实提高统计能力和服务水平，鼓足干劲、真抓实干，奋力推动新时代辽宁全面振兴取得新突破。 "全会科学擘画辽宁未来五年的宏伟蓝图，提出'生态秀美宜人'等主要目标，以及'加快经济社会发 展全面绿色转型，绘就美丽辽宁新画卷'等重点任务，为我们进一步做好生态环境工作提供了行动指 引。"沈阳市生态环境局党员干部纷纷表示，将深入贯彻全会精神，牢固树立和践行绿水青山就是金山 银山理念，坚持精准治污、科学治污、依法治污，持续深入推进污染防治攻坚，全面加强生态保护和修 复，加快推动绿色低碳转型。 大连市国资委表示，大连市国资国企广大干部职工将以学习贯彻省委全会精神为契机，聚焦"十五 五"现代化产业体系建设目标，加快推动国有资本向先进制造、绿色低碳、数字经济等关键领域集中。 加大科技创新力度，持续打造原创技术策源地、加大战略性新兴产业布局、引导企业加大研发投入 ...

Core Viewpoint - Ningbo Feishi Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CICC as the sole sponsor, amid a growing trend of electric drive companies seeking dual listings in Hong Kong [1][2]. Company Overview - Established in November 2001, Feishi Technology is a leading provider of electric drive solutions in China, offering customized systems characterized by high precision, efficiency, and torque, widely applied in various industrial sectors [2]. Financial Performance - The company has faced challenges with profitability, reporting revenues of 1.376 billion yuan, 1.243 billion yuan, 1.500 billion yuan, and 909.19 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively. During the same periods, net losses were 130 million yuan, 112 million yuan, 177 million yuan, and 21.26 million yuan, totaling 440 million yuan in losses over three and a half years [3][4]. - Despite a 58% year-on-year revenue increase in the first half of 2025, driven by the rapid growth of the new energy vehicle (NEV) solutions business, the company still reported a net loss of 21.26 million yuan [3][4]. Business Structure - The main business segments include NEV solutions, precision electric drive systems, industrial automation solutions, and other services. The NEV solutions segment has rapidly grown, accounting for 60.4% of total revenue in the first half of 2025, up from 36.3% in the same period of 2024 [5]. - The company has secured 21 projects with commercial vehicle manufacturers and 26 projects with passenger vehicle manufacturers, with 21 projects already in mass production [5]. Profitability and Margins - The gross margin has shown fluctuations, recorded at 8.29%, 14.26%, 16.13%, and 14.64% from 2022 to the first half of 2025 [6]. - The NEV solutions segment has a low gross margin of 1.5%, despite increasing sales volume from 96,700 units in 2022 to 131,800 units in the first half of 2025, with average selling prices dropping from 5,763 yuan to 4,166 yuan [5][6]. Customer Concentration and Risks - The company has a high customer concentration, with the top five customers accounting for 64.7% of revenue in the first half of 2025, up from 53% in 2022. This reliance on a few customers poses risks to profitability [7][8]. - Financial pressures are evident, with negative cash flow from operating activities in most reporting periods, and high levels of accounts receivable, indicating potential liquidity issues [8]. Industry Context - The global electric drive solutions market is projected to grow from 278.5 billion yuan in 2020 to 471.3 billion yuan in 2024, with China expected to see a compound annual growth rate of 18.6% [10]. - The demand for electric drive solutions is driven by the urgent need for carbon reduction in industrial and transportation sectors, with the NEV market in China experiencing significant growth, achieving a penetration rate of 46.4% by October 2025 [12]. Competitive Position - Feishi Technology ranks as the second-largest supplier of specialized electric drive solutions in China's industrial control sector, with a market share of 6.6% as of 2024 [13][14]. - Despite its leading position, the company faces challenges in converting competitive advantages into sustainable profitability due to low margins, cash flow constraints, and high customer concentration [14].

Core Viewpoint - The recent inclusion of lipid management in Shanghai's public health services reflects the efforts of international companies like Novartis to address chronic disease prevention and cardiovascular health in the city [1] Group 1: New Member Companies and Their Contributions - Six new member companies of the Shanghai Mayor's International Business Advisory Council include global giants such as Nike, Veolia, Vale, SK, Mizuho Financial Group, and Adidas, representing various sectors like semiconductors, finance, consumer goods, and mining [2] - Adidas has become the largest single-country market for the company in China, with a revenue of €3.459 billion in the previous year, marking a 10.3% year-on-year growth [2] - Veolia's project in Pudong supplies nearly 2 million cubic meters of drinking water daily to 4.3 million residents [2] - Vale's iron ore shipments to China reached approximately 140 million tons in the first three quarters of this year, accounting for 62% of the company's global iron ore sales during the same period [2] Group 2: Alignment of Corporate Goals with Shanghai's Development - Companies believe there is significant potential in the Chinese market, leading to the establishment of a dedicated area for energy transition metals at this year's China International Import Expo [3] - The alignment between Shanghai's development direction and corporate goals is emphasized, with companies like Veolia developing smart water management platforms tailored to local needs [3] Group 3: Engagement and Contributions of New Members - New members are expected to submit consulting reports starting from their second year, but Adidas has already begun contributing by suggesting standardized guidelines for sports event management in Shanghai [4] - Companies are leveraging their global presence to gather insights and propose actionable recommendations for Shanghai's development, with Mizuho Bank focusing on sustainable development and demographic challenges [4] Group 4: Corporate Growth and Interaction with Shanghai - Companies are looking to achieve "second growth" in Shanghai, with Adidas planning to relocate its Greater China headquarters and actively participate in local events [5] - Veolia aims to integrate advanced technologies in water, waste, and energy management to help Chinese industrial parks reduce carbon emissions by 15% to 30% [5] - Mizuho Bank is expanding its operations in China, having received approval to establish the first wholly-owned Japanese securities company in the country, aiming to create a foundation for future growth [5] - The interaction between Shanghai and member companies is increasing, with regular events organized to facilitate communication and collaboration [5]

Core Viewpoint - The article emphasizes the dual approach of leveraging both "effective markets" and "proactive government" to support green low-carbon development, highlighting the importance of a collaborative effort in achieving sustainable growth [1][4]. Group 1: Green Production and Technology - Green production relies on technological innovation to replace high-carbon technologies with low-carbon or zero-carbon alternatives, which is essential for enhancing green supply [3]. - Countries are focusing on key emerging technologies related to renewable energy and low-carbon solutions, as seen in initiatives like the U.S. "Key and Emerging Technologies List 2024" and the EU's "Horizon Europe Strategic Plan 2025-2027" [3]. - There is a need to promote low-carbon technology applications and explore new energy storage solutions, such as virtual power plants, to advance clean production and circular economy practices [3]. Group 2: Green Consumption - The transition to low-carbon consumption depends on both green technologies that reduce energy consumption and the preservation of traditional green lifestyles [3]. - It is crucial to stimulate green consumption awareness and behaviors to enhance the scale and structure of green consumption [3]. - Initiatives promoting resource conservation and waste classification are essential for fostering a green lifestyle and building a beautiful China [3]. Group 3: Policy and Institutional Support - A robust institutional framework is necessary to support green low-carbon development, which includes effective market mechanisms and proactive government policies [4]. - Policies related to taxation, pricing, finance, land use, and government procurement should be aligned to facilitate green development [4]. - Establishing standards for green product design, procurement, and manufacturing, along with a certification system, is vital to eliminate misleading green claims [4].

Core Points - The COP30 conference in Brazil concluded with countries agreeing to accelerate climate action and review trade barriers, urging developed nations to increase climate adaptation funding for developing countries [1][2] - The conference marked the tenth anniversary of the Paris Agreement, emphasizing the importance of global cooperation in climate governance for the next decade [2][4] Group 1: Agreements and Outcomes - COP30 resulted in the overall agreement titled "Global Mobilization and Collaborative Response to Climate Change Challenges," which calls for proactive measures in emission reduction and adaptation actions [2][4] - Developed countries are urged to double their climate funding support for developing nations by 2035 to help them address escalating climate risks [2][3] - The conference included trade issues in its outcomes, emphasizing that no country should create unreasonable trade discrimination or barriers in climate response measures [4] Group 2: China's Role and Contributions - China has made significant contributions to the Paris Agreement and is recognized as a key player in global climate governance, having achieved notable progress in renewable energy [9][10] - The country is committed to a green and low-carbon development path, marking the fifth anniversary of its "dual carbon" goals in 2025 [9][10] - During COP30, China showcased its green development experiences and initiated projects to support low-carbon transitions in developing countries [11]

Core Insights - The COP30 conference concluded with an agreement to double climate adaptation funding from developed countries to developing countries to $120 billion annually by 2035, but failed to reach consensus on a fossil fuel exit roadmap [4][5] - The focus of global climate governance is shifting from rule-making to commitment fulfillment, emphasizing the need for countries to submit more ambitious climate action plans and ensure funding commitments are met [5][6] Regulatory Voices - China will adhere to true multilateralism and assist developing countries in addressing climate change through material aid, low-carbon demonstration zones, and capacity training [3] - Technological innovation is driving industrial practices in China, promoting the development of green new productive forces tailored to local conditions [3] - Countries face a shared fate regarding climate change, necessitating a commitment to green transformation, practical actions, equitable pathways, and technological innovation [3] Policy Updates - The National Carbon Market expansion roadmap has been announced, aiming to include the chemical, petrochemical, civil aviation, and paper industries by 2027 [4] - New guidelines from the National Energy Administration emphasize integrated development of renewable energy and the creation of new industrial opportunities [4] - The National Energy Administration has set a baseline for renewable energy consumption, requiring an annual addition of at least 200 million kilowatts [4] Industry Insights - The new power system is creating opportunities for new business models, with the virtual power plant market expected to reach a scale of hundreds of billions, although challenges such as aggregation difficulties and imperfect revenue mechanisms remain [6] - Wuhan is actively implementing its green low-carbon transition, signing 14 green low-carbon technology agreements and promoting carbon-inclusive mechanisms [6] - Mercedes-Benz's new electric CLA model utilizes recycled materials and operates on green electricity, systematically advancing its carbon reduction process [6] COP30 Highlights - China, the EU, and Brazil initiated the establishment of a Carbon Market Open Alliance during COP30 to create a framework for international cooperation on carbon pricing mechanisms [7] - China reported a cumulative reduction of over 26% in energy intensity at COP30, showcasing its progress in green transformation and the establishment of the world's largest carbon market [7] - COP30 featured interactive elements to engage younger generations in climate action, transforming climate initiatives into tangible, participatory experiences [7] ESG Insights - Multilateral development institutions play a crucial role in climate financing by leveraging innovative financial tools to mobilize private capital and bridge significant funding gaps [8] - The textile industry must innovate water-intensive washing processes and promote energy structure transformation to achieve zero-carbon parks [8] - Sustainable aviation fuel development requires multiple technological pathways and urgent policy incentives to support large-scale industry growth [8]

Core Insights - Shandong is recognized as a strong manufacturing province with a complete industrial and supply chain, as well as being an energy-rich province [1] - Veolia's senior vice president highlighted specific cooperation paths to assist Shandong in its green and low-carbon transition [1] Group 1: Greenhouse Gas Emission Reduction - Veolia shared successful case studies from Shanghai and Hong Kong, indicating that these innovative models can be replicated in Shandong's industrial context [3] - The company has invested in various projects across multiple cities in Shandong, including biomass energy, water services, solid waste management, and soil remediation [3] Group 2: Circular Economy Development - Veolia has established operations in cities such as Jinan, Qingdao, Yantai, Binzhou, Jining, and Dongying, focusing on circular economy initiatives [3] - The company aims to deepen cooperation with heavy chemical enterprises in Shandong to address environmental challenges posed by emerging industries [3] Group 3: Technological Innovation - Veolia has a global research and development strength with 14 R&D centers and an additional investment of €200 million to enhance digital innovation technologies [3] - The company is exploring the application of innovative carbon-rich technologies, leveraging Shandong's complete industrial chain to provide extensive application scenarios for these green innovations [3] Group 4: International Cooperation - The push for green and low-carbon development aligns with Shandong's goals for high-quality development and is also central to Veolia's mission [3] - Veolia looks forward to deepening cooperation with Shandong and promoting international collaboration in the green and low-carbon sector between China and Europe, as well as China and France [3]

Core Insights - The People's Bank of China (PBOC) has established a re-lending policy for technological innovation and equipment renovation since April 2024, aimed at supporting regional industrial transformation and upgrading through financial means [1] Group 1: Policy Framework - The PBOC's Datong branch has implemented a series of guiding opinions and action plans to support the "Two New" policies, establishing a cross-departmental working mechanism to promote the re-lending policy and secure more favorable funding [2] - By October 2025, all 20 projects listed for technological renovation and equipment updates had been successfully matched, with three projects receiving re-lending support amounting to 284 million yuan [2] Group 2: Resource Allocation - The PBOC's Datong branch created a special re-lending quota for small and medium-sized technology enterprises in June 2024, offering preferential interest rates to encourage local financial institutions to increase support for these companies [3] - Shanxi Yungang Paper Co., Ltd. benefited from this policy, reducing its annual loan interest rate by 335 basis points, saving 1.11 million yuan in costs over one year [3] Group 3: Policy Service Enhancement - The PBOC's Datong branch has guided financial institutions to quickly engage in financing based on a list of selected projects, with Everbright Bank customizing loan solutions for public transport companies [4] - Everbright Bank has issued loans totaling 190 million yuan for the purchase of 249 electric buses, marking the largest application of re-lending in the transportation sector in Shanxi Province [4]