刚刚过去的这个秋天，北京城再次"颜值爆表"，"千园之城"到处是网红打卡地，蓝天白云、一花一叶皆 有流量。下一个五年，"美丽北京"如何继续绽放？在专家看来，"十五五"时期，"美丽北京"的建设要内 外兼修、形神兼备：既要有生态环境不断向好的高颜值，又要有能源、产业等关键领域治理的新突破； 既要让绿色赋能高质量发展，更要让市民和游客感受到城市的宜居和活力。 花园城市建设要让市民可感可及 2024年初，北京在实现首个全域国家森林城市基础上，将花园城市建设作为城市发展目标。把首都建设 成为一个大花园，是全域森林城市、公园城市的赓续发展，也是建设美丽中国的北京方案。 "众多指标的大幅改善标志着北京在燃煤污染管控、机动车尾气治理等领域取得突破性进展。"中国工程 院院士、清华大学碳中和研究院院长贺克斌直言，尽管"APEC蓝"常态化为"北京蓝"，但北京减污降碳 协同治理任务依然艰巨。 在贺克斌看来，下一个五年，北京应继续深化京津冀及周边地区协同治理，建立跨区域减污降碳成效量 化评估体系，实现空气质量与碳排放的动态监测预警，通过产业、能源、交通等结构性调整持续优化空 气质量。 能源结构转型仍是关键。北京在北方城市中率先解决燃煤污 ...

Group 1: Trade and Economic Cooperation - The "Shared Market · Export to China" initiative aims to enhance global access to the Chinese market, contributing to the record high transaction volume of $83.49 billion at the recent China International Import Expo, a 4.4% increase year-on-year [1] - The signing of the memorandum on the China-Spain Economic and Industrial Cooperation Mixed Committee marks a significant step in strengthening bilateral economic dialogue, coinciding with the 20th anniversary of the comprehensive strategic partnership between China and Spain [2] - The China-ASEAN Free Trade Area 3.0 upgrade is seen as a milestone, expanding cooperation into digital, green, and supply chain areas, which has generated significant interest from enterprises [7] Group 2: Shanghai International Trade Center Development - Shanghai's international trade center has seen positive developments, with imports and exports reaching 3.7 trillion yuan, a 5.2% increase year-on-year, and exports growing by 10.5% [5] - The city has enhanced its service trade, with service imports and exports amounting to 1.8 trillion yuan, reflecting a 5% increase, and digital service exports growing by 6.4% [5] - Future plans include further integration of goods, services, and digital trade, focusing on innovation and regulatory alignment to enhance the functionality of the Shanghai International Trade Center [6] Group 3: Semiconductor Supply Chain Stability - China has engaged in multiple rounds of discussions with the Netherlands regarding semiconductor supply chain stability, emphasizing the need for constructive solutions to restore global supply chain security [8] Group 4: Agricultural Trade with the U.S. - China is expected to purchase approximately 12 million tons of U.S. soybeans in the coming months, with a commitment to buy at least 25 million tons annually over the next three years, reflecting ongoing agricultural trade negotiations [9] Group 5: Rare Earth Export Licensing - China is in the process of designing a new export licensing system for rare earths, aimed at streamlining export processes while ensuring compliance with national security and international obligations [10]

Group 1 - The integration of cutting-edge technologies such as big data, artificial intelligence, and blockchain into the entire trade process is essential for enhancing green and low-carbon development capabilities in foreign trade enterprises [2][4] - The Chinese government emphasizes the importance of promoting green trade as a strategic measure to enhance international competitiveness and influence in the low-carbon sector during the 14th Five-Year Plan period [3] - By 2024, China's exports of "new three samples" are expected to increase by 2.6 times compared to 2020, indicating a continuous optimization of export product structure towards high-tech, high value-added, and green low-carbon directions [3] Group 2 - The establishment of a national-level green factory system has reached 6,430 factories, accounting for approximately 20% of the total output value of the manufacturing industry, with 1,382 new green factories cultivated in 2024 [3] - Leading companies are advancing towards "zero-carbon factories," exemplified by CATL's comprehensive zero-carbon production system, which is crucial for gaining access to European markets [3] - Digital technologies are providing new solutions for building transparent, collaborative, and efficient green supply chain management systems, including the establishment of a green supply chain database to meet varying international standards [5] Group 3 - Digitalization empowers carbon footprint management by collecting carbon data across energy consumption, production processes, and logistics, leading to the establishment of a product lifecycle carbon footprint accounting system [6] - Zhejiang Province has pioneered the creation of a carbon footprint database for the textile industry chain, providing localized and credible carbon accounting services for foreign trade enterprises [6] - Companies can optimize production processes and improve product designs based on carbon footprint analysis, identifying key areas for emission reduction [6]

Company Overview - Li Auto, established on July 1, 2015, is a Chinese manufacturer of new energy smart vehicles headquartered in Shunyi, Beijing, specializing in the design, research, manufacturing, and sales of luxury smart electric vehicles [2] - The company is a pioneer in the commercialization of range-extended electric vehicles in China and was listed on the NASDAQ on July 30, 2020, followed by a secondary listing on the Hong Kong Stock Exchange on August 12, 2021 [2] Supply Chain Management - Li Auto categorizes all suppliers into five categories: strategic suppliers, preferred suppliers, qualified suppliers, limited suppliers, and eliminated suppliers, to enhance the efficiency and precision of supplier management [3] - The company conducts quarterly performance evaluations of suppliers based on quantifiable assessment criteria and regularly updates evaluation standards to improve the standardization and refinement of supply chain management [3] ESG Initiatives - Li Auto incorporates ESG assessments as a key condition for potential supplier admission, evaluating suppliers on professional certifications, compliance, energy conservation, and waste management during the product industrialization development phase [5] - The company has established a supplier exit mechanism for those with significant integrity issues, concealment behaviors, or safety incidents, placing them on an elimination list [5] - In 2024, Li Auto's Changzhou branch and Beijing base received "Green Supply Chain Management Enterprise" certification through optimized green manufacturing and environmental protection supply chain management processes [5] Supplier Quality and Training - In 2024, Li Auto conducted partner empowerment projects through online, offline, and specialized formats, aiming to enhance supplier quality and industrial capabilities, with over 1,000 supplier participations [6] - The company tailored training content based on strategic development needs and supplier quality performance, helping suppliers improve overall quality levels while ensuring a more robust and reliable supply chain [6] - Li Auto performed on-site improvements and capability enhancements for over 10 suppliers, focusing on key management areas such as quality systems, critical characteristics, statistical process control, and production line error-proofing [6] Expert Commentary - Li Auto demonstrates outstanding performance in supply chain responsibility, actively fulfilling its supply chain obligations, with its production base recognized as a national-level green supply chain management enterprise, setting a benchmark for sustainable development in the automotive manufacturing industry [7]

Core Viewpoint - Yunnan Province is significantly advancing its green energy sector, with over 60 million kilowatts of new green energy capacity added since the start of the 14th Five-Year Plan, contributing to a total capacity of 150 million kilowatts and an industry output value exceeding 400 billion yuan [1] Group 1: Green Energy Development - Yunnan has a total potential for green energy development of 200 million kilowatts, accounting for approximately 20% of the national total [1] - The province's green electricity generation and installed capacity exceed 90%, with non-fossil energy making up 46% of primary energy consumption, ranking among the top in the country [1] - The green aluminum and silicon photovoltaic industries have each surpassed 100 billion yuan in output value, while the new energy battery industry is rapidly emerging [1] Group 2: Energy Collaboration and Environmental Impact - Yunnan has sent over 2 trillion kilowatt-hours of electricity through the "West-to-East Power Transmission" project, saving 665 million tons of standard coal and reducing carbon dioxide emissions by 1.73 billion tons [2] - The province is accelerating the construction of the "Green Aluminum Valley" and has initiated the establishment of 15 provincial-level zero-carbon parks, with 136 national-level green factories and 10 green industrial parks created [2] - The level of industrial greening in Yunnan has significantly improved, supported by the continuous expansion of the "green electricity + advanced manufacturing" advantage [2]

Core Viewpoint - The global 2-in-1 PC market is projected to reach a size of $54.434 billion by 2031, with a compound annual growth rate (CAGR) of 5.9% over the next few years [1]. Market Overview - The global market for 2-in-1 notebooks is dominated by major manufacturers such as Apple, HP, Microsoft, Lenovo, and Asus, which collectively hold approximately 61.0% of the market share as of 2024 [6]. - The primary product segment is 12-14 inches, accounting for about 60% of the market share [7]. Application Segmentation - Windows is the largest downstream market for 2-in-1 notebooks, representing around 67% of the demand [9]. Key Drivers - **Portability and Versatility**: 2-in-1 notebooks enhance portability and meet diverse needs for mobile computing, making them ideal for commuting, mobile office work, and classroom use [12]. - **Flexible Interaction**: These devices support seamless switching between laptop and tablet modes, accommodating touch and stylus input, which enhances user experience across various applications [15]. - **Compatibility and Accessory Convenience**: The compact design allows easy adaptation to various carrying methods, reducing user burden and enhancing the mobile experience [16]. Major Obstacles - **Rising Costs**: Increasing raw material prices, labor costs, and logistics expenses are squeezing profit margins, leading manufacturers to optimize production and supply chains [17]. - **Geopolitical and Supply Chain Uncertainty**: The complexities of U.S.-China relations are prompting companies to relocate assembly processes, creating challenges in efficiency and compliance [18]. - **Quality-Price Correlation**: The strong relationship between product quality and pricing limits performance improvements in mid- to low-end products [19]. - **Macroeconomic Fluctuations**: The demand for 2-in-1 notebooks is closely tied to GDP growth rates, with economic slowdowns potentially dampening consumer purchasing intentions [20]. Industry Development Trends - The 2-in-1 notebook market is diversifying, focusing on environmental compliance, price competition, and product lightweighting [21]. - Stricter regulations on harmful substance emissions are driving manufacturers to enhance green supply chain management [21]. - Intense market competition is exerting downward pressure on average product prices, prompting companies to innovate and differentiate their offerings [21]. - Lightweight materials are gaining traction, with ongoing research aimed at developing thinner, lighter, and more portable devices [21].

Financial Performance - In the first half of 2025, the company achieved a revenue of CNY 2.934 billion, with a year-on-year growth of 5.94% in the tile retail channel and 19.51% in high-value products [3] - Net profit attributable to shareholders reached CNY 219 million, a year-on-year increase of 3.85% [3] - Net cash flow from operating activities improved to CNY 437 million, up 92.99% year-on-year [3] - The company's asset-liability ratio stood at 34.11%, a decrease of 2.18 percentage points from the previous year [3] ESG and Sustainability - The company received an AA rating in ESG from Wind, ranking among the top in the building materials industry [4] - It is the only ceramic enterprise in the UNGC's "25 Sustainable Development Chain Leader Alliance" [4] - The company was recognized as a "Green Supply Chain Management Enterprise" by the Ministry of Industry and Information Technology [4] Market Position and Strategy - The company has a strong retail channel, being one of the oldest ceramic enterprises in China with a vast marketing network [4][6] - In the first half of 2025, the company opened 133 new stores and upgraded 168 existing ones [6] - The company is focusing on high-value product differentiation and channel optimization to maintain competitive advantages [5][6] Industry Trends - The building ceramics industry is experiencing a decline in new housing sales, with a 3.5% drop in new residential sales area [10] - The industry is characterized by low market concentration, with top companies holding only 2-3% market share [11] - The company anticipates that the market will shift towards higher quality and sustainable products, driven by regulatory changes [11][18] Cost Management - The company has successfully reduced total expenses by 9.83% year-on-year, with a decrease in sales and management expense ratio by 1.60 percentage points [8] - The gross profit margin for the tile business remained above 30%, with a second-quarter margin of 33.8%, reflecting improved profitability [8] Future Outlook - The company plans to leverage government policies promoting home renovation and energy-efficient products to drive sales [15] - It aims to maintain a stable dividend policy, distributing at least 30% of net profit annually [22] - The company is exploring international expansion and potential acquisitions to enhance its market presence [12][22]

Core Insights - The article highlights the significant growth of the automotive industry in Chongqing, particularly in the electric vehicle (EV) sector, with a 5.6% increase in industrial added value and an 8.4% growth in the automotive industry, contributing 30.1% to the overall industrial growth [1] - The production of new energy vehicles (NEVs) reached 489,000 units in the first half of the year, marking a 25% year-on-year increase [1] - The article emphasizes the need for the NEV industry to become more environmentally friendly, addressing high energy consumption and carbon emissions during production, particularly in battery manufacturing [2] Industry Developments - Companies are innovating to reduce carbon emissions at every production stage, including the design phase, to enhance recyclability and resource utilization [2] - A notable innovation is the development of a centralized distributed electric drive system, which integrates two motors into one unit, resulting in reduced size, longer range, and lower energy consumption [3] - The transition from traditional fuel vehicles to NEVs has prompted companies to adapt their production processes, including the implementation of rigorous testing protocols that have higher energy demands [4] Supply Chain and Collaboration - Chongqing's automotive industry is evolving into a collaborative ecosystem, with leading companies like Changan Automobile driving the transformation of over 200 suppliers towards greener practices [6] - The introduction of high-performance recycled aluminum alloys is part of the effort to enhance the sustainability of core components in the supply chain [6] - The establishment of a standardized and scalable recycling and dismantling industry for NEVs is underway, contributing to the overall green upgrade of the automotive sector in Chongqing [6]

Group 1 - The core theme of the forum was "Digital Intelligence Empowerment? New Journey of Supply Chain" with over 700 participants from government, enterprises, research institutions, and media discussing the development paths and strategies for state-owned enterprises' digital procurement and supply chain [3] - Sichuan Changhong Electric Co., Ltd. was recognized as a benchmark case in the electronic industry supply chain transformation for its innovative practice of building a "four-in-one procurement platform" [1][3] - The report highlighted that Changhong's practices significantly improved its procurement efficiency and cost control, while also promoting collaborative development across the industry chain through digital empowerment [5] Group 2 - Changhong aims to deepen its smart supply chain system, focusing on three main directions: AI-driven decision-making, green supply chain management, and cross-industry ecosystem integration [5] - The company plans to utilize machine learning for demand forecasting and supply risk management, incorporate carbon emission monitoring to meet dual carbon goals, and expand its industrial product collaboration network with partners like JD Industrial and Zhenkunhang [5] - The inclusion in the report marks the beginning of a new journey for Changhong, which seeks to drive new momentum for China's electronic industry in global competition through technological empowerment and management innovation [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ENVISION GREENWISE HOLDINGS LIMITED 晉景新能控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1783） 自願性公告 有關 與惠州億緯鋰能股份有限公司 簽署合作諒解備忘錄之 業務更新資料 本公司從事逆向供應鏈管理及綠色能源解決方案業務。 億緯鋰能為一間在中華人民共和國成立的有限公司，其股份於深圳證券交易所上市（股票 代碼：300014）。億緯鋰能主要從事消費電池、動力電池及儲能電池的研發、生產及銷售。 億緯鋰能致力於「以全場景鋰電池方案，加速萬物互聯」，構建起從材料至系統的全體系 研發平台。 訂立備忘錄的理由及裨益 本公告乃由晉景新能控股有限公司（「本公司」）自願作出，以知會其股東及潛在投資者有 關本公司之最新發展。 諒解備忘錄 於2025年3月25日，本公司與惠州億緯鋰能股份有限公司（「億緯鋰能」）（統稱「雙方」）訂立 一份諒解備忘錄（「備忘錄」）。根據備 ...