11月5日至10日，第八届中国国际进口博览会（以下简称：进博会）在上海举办。今年，是宝洁连续第 七年参展，也是宝洁进入中国市场的第37年。 从1837年创立至今，宝洁以"创新"为基因穿越近两个世纪的经济周期。当中国成为其全球第二大市场， 这家拥有188年历史、坐拥70余个品牌的跨国巨头，如何在中国市场持续领跑？面对消费分级、技术革 命与可持续发展三重浪潮，宝洁如何重构竞争力？ 在进博会"创新点亮美好生活"的主题下，凤凰网财经《知行》主持人凤凰网副总编辑张涛深度对话宝洁 大中华区董事长兼首席执行官许敏、中国香料香精化妆品工业协会理事长颜江瑛，揭秘宝洁的"中国方 案"与全球化新逻辑，共同探讨行业发展新趋势。 01 张涛：许总在两年多前提出的"越级消费"理念，现在看非常超前。当时市场下行，一般企业会焦虑，但 宝洁战略一直没变，反而加大创新投入。 许敏：消费者对美好生活的渴望，是超越经济周期的本能。当市场进入成熟期，我们拒绝"内卷"——不 做更低价、更劣质的产品迎合短期目标。相反，我们要让产品更好、更有品质，与同行一起把蛋糕做 大，这才是持续发展的唯一路径。当时做这个选择，是基于宝洁188年经历的战争、经济危机得出的 ...

Core Insights - The Chinese securities asset management industry has undergone significant transformation, resulting in a more rational business structure and enhanced operational standards, thereby increasing competitiveness in the broader asset management landscape [1] Group 1: Industry Trends - Three major trends are reshaping the securities asset management ecosystem: 1. Digital empowerment, with AI and large model technologies permeating the entire chain from investment research to customer service 2. Demand upgrade, where new needs such as retirement finance and green investment are driving product innovation 3. Capability reconstruction, necessitating a shift from traditional investment management to comprehensive solution provision [1][1][1] Group 2: Strategic Recommendations - For the securities asset management industry, leveraging the collaborative advantages of securities groups is essential. This includes deepening industry research and promoting synergy between asset management, wealth management, investment banking, and research sectors to enhance active management capabilities and customer service levels, ensuring precise alignment with market demands to stand out in a competitive market [1][1][1]

Investment Rating - The report indicates a positive investment outlook for the energy sector, particularly focusing on renewable energy and gas power plants, while highlighting the vulnerabilities in Europe's energy supply chain [1][4][7]. Core Insights - The global electricity demand is accelerating, with a projected annual growth rate of approximately 2.6% in the U.S. by the end of this decade, driven by air conditioning, data centers, industry, and electric vehicles [1][2]. - Europe relies heavily on imports for its energy needs, with nearly 50% of its energy structure dependent on imports, particularly LNG from the U.S. and Qatar, and rare earth resources from China [1][4]. - The nuclear energy sector, while significant in the EU's energy mix at about 10%, faces supply chain risks due to the concentration of uranium supply and processing [5]. - The aging electricity grid in Europe poses a major bottleneck for meeting new electricity demands, necessitating modernization and increased green investments [6][8]. - The development of AI data centers is significantly driving energy demand, with challenges in grid expansion and a growing interest in storage solutions like fuel cells [9][10]. Summary by Sections Energy Demand and Supply - Global electricity demand grew by 4.3% last year, outpacing GDP growth, with data centers' electricity demand rising to about 2% in the EU and 6% in the U.S. [2]. - The importance of electricity supply security has increased due to the high energy consumption of AI technologies and geopolitical tensions affecting supply chains [3][14]. Renewable Energy and Investment Opportunities - RWE, a German utility company, is highlighted for its strong earnings potential, with 70% of its business in renewable energy and a projected annual earnings growth rate of 15% from 2025 to 2030 [16][17]. - The report emphasizes the need for significant capital investment in electrification, estimating a requirement of nearly $3 trillion to modernize infrastructure and support renewable energy [8]. Challenges in Energy Supply - Europe's dependency on LNG imports could rise to 70-80% if Russian LNG is banned, highlighting vulnerabilities in energy security [4]. - The concentration of rare earth resources in China poses additional risks, with Europe seeking to reduce this dependency through legislative measures [4]. Nuclear Energy and Supply Chain Risks - The nuclear fuel cycle's high concentration in supply sources raises concerns about potential disruptions, particularly with significant reliance on imports from Canada, Kazakhstan, and Russia [5]. Infrastructure and Modernization Needs - The aging electrical grid requires modernization to accommodate new demands from electric vehicles and data centers, with a projected need for a 70% increase in green investments over the next five years [6][8]. Emerging Technologies and Companies - Companies like Prysmian are positioned to benefit from the growth in data centers, providing essential low-voltage cables for the sector [18]. - Sirius XM is noted for its solid oxide fuel cell technology, which has potential in the green hydrogen market, highlighting investment opportunities in emerging technologies [20][21].

Core Insights - The 2025 Carbon Neutrality and Green Investment Conference was successfully held in Shanghai as a key event of the 8th China International Import Expo [1] - The conference focused on the theme "Energy Transition as a New Engine, Building a New Zero-Carbon Economy" and gathered experts and industry representatives to discuss pathways for zero-carbon development [3] Group 1: Industry Developments - China Tianying's Chief Scientist Han Dan presented the company's strategies and practices for decarbonizing global shipping, emphasizing progress in hydrogen-based energy projects like green methanol [3] - Tongwei Co., Ltd.'s President of the Photovoltaic Division, Chen Xingyu, highlighted China's photovoltaic industry as a core force in global decarbonization, aiming for a collaborative approach across the entire industry chain [3] - The President of Bozhong Zhihui Energy Transition, Tu Jianjun, pointed out China's advantages in solar and wind energy but noted challenges such as the power system and urbanization pressures that require comprehensive design and social participation [3] Group 2: Investment Focus - The roundtable discussion emphasized that green investment should focus on "people," "efficiency," and "application scenarios" [5] - Saudi Aramco's Investment Director Dou Xuan shared insights on systematic investment layouts across energy sourcing, usage, and standards [5] - China International Capital Corporation's Managing Director Jiang Xuetao noted that capital markets are increasingly interested in stable-return infrastructure and early-stage investments in cutting-edge technologies like perovskite and solid-state batteries [5] Group 3: Standards and Initiatives - The conference officially released the "Zero-Carbon City Evaluation Standards," "Zero-Carbon Port Evaluation Standards," and "Electricity Carbon Footprint Evaluation Guidelines," with 12 projects selected for the "Zero-Carbon China" pilot list [6] - The "Zero-Carbon China: Zero-Carbon Park" blue paper was published to provide systematic solutions for zero-carbon transition [6] - The conference established a high-end cooperation platform for the global zero-carbon industry, showcasing the Import Expo's role in promoting international cooperation in the green and low-carbon sector [6]

Core Insights - Delijia Transmission Technology officially listed on the Shanghai Stock Exchange on November 7, 2023, marking a significant milestone for the company [1] - The company specializes in the research, production, and sales of high-speed heavy-duty precision gear transmission products, primarily for wind power generation [1] - Delijia holds a global market share of 10.36% and ranks third worldwide, while its market share in China is 16.22%, placing it second nationally [1] Company Overview - Established in 2017, Delijia focuses on wind turbine gearboxes, with its core product being the main gearbox for wind power [1] - The IPO proceeds will primarily fund the production of 1,000 units of 8MW and above onshore wind power gearboxes and 800 units of large offshore wind power gearboxes in Shantou [1] - The projects aim to expand production capacity, enhance technological strength, and align with the trend of larger wind turbine capacities [1] Investment Context - Delijia's IPO represents the tenth company to go public under Yida Capital's investment portfolio by 2025, highlighting Yida's long-term commitment to the green industry [1][2] - Yida Capital emphasizes continuous investment in clean energy and environmental protection, building a "green investment network" through industry research and regional collaboration [2] - The successful listing of Delijia is seen as a testament to Yida Capital's strategy of combining industry research with regional depth [2]

Core Insights - The 2025 Carbon Neutrality and Green Investment Conference, along with the Fourth Zero Carbon City Forum, will commence on November 8 in Shanghai, focusing on energy transition and sustainable development of the zero-carbon industry [1] - The conference aims to gather over 300 guests from more than ten countries, including the UK, France, Germany, South Korea, Brazil, Zambia, Indonesia, New Zealand, and the UAE, to discuss industrial upgrading paths and new investment opportunities under carbon neutrality goals [1] Group 1 - The theme of the conference is "Energy Transition New Engine, Building a New Zero Carbon Economy," emphasizing key technologies and innovative practices in energy transition [1] - The forum will cover critical dimensions such as new trends in green investment, carbon market mechanism construction, zero carbon city planning, and industrial innovation [1] - A series of "Zero Carbon China" standards and pilot projects will be released during the conference, providing authoritative references and action guidelines for scientific layout and standardized development in the zero-carbon field [1] Group 2 - The conference leverages the international platform of the China International Import Expo to connect domestic and foreign entities, facilitating the practical application of zero-carbon concepts and the high-quality development of the green economy [2]

Core Insights - The 2025 Carbon Neutrality and Green Investment Conference, along with the Fourth Zero Carbon City Forum, will commence on November 8 in Shanghai, focusing on energy transition and sustainable development of the zero-carbon industry [1][2] - The conference aims to gather over 300 guests from more than ten countries, including the UK, France, Germany, South Korea, Brazil, Zambia, Indonesia, New Zealand, and the UAE, to discuss industrial upgrading paths and new investment opportunities under carbon neutrality goals [1] Group 1 - The theme of the conference is "New Engine for Energy Transition, Building a New Zero-Carbon Economy," emphasizing key technologies and innovative practices in energy transition [1] - The forum will cover critical dimensions such as new trends in green investment, carbon market mechanism construction, zero-carbon city planning, and industrial innovation [1] - A series of "Zero Carbon China" standards and pilot projects will be released during the conference, providing authoritative references and action guidelines for scientific layout and standardized development in the zero-carbon field [1] Group 2 - The conference leverages the international platform of the China International Import Expo to connect domestic and foreign entities, facilitating the practical application of zero-carbon concepts and the high-quality development of the green economy [2]

本届论坛以"高水平互联推动高质量区域发展"为主题，结合东盟年度能源主题、区域能源发展关注热点，设立新能源与新技术、区域清洁能源发展中 的"她"力量、水电可持续发展、绿色投资四个分论坛，并充分展示中国-东盟清洁能源合作中心平台合作成果。 为推动落实中国-东盟领导人峰会在能源领域的共识，深化区域清洁能源合作，中国国家能源局、马来西亚能源与水务转型部和福建省人民政府将于11月4 日-5日在福建省福州市共同举办第七届东亚峰会清洁能源论坛。区域国家能源主管部门负责人、东盟秘书处高级别代表以及东盟区域相关机构负责人将应 邀出席。 会议为期两天。11月4日举行论坛开幕式，包括致辞环节、主旨演讲及成果发布仪式，并举办分论坛。11月5日安排实地参访。 ...

Core Viewpoint - The third Africa Infrastructure Development Investment and Financing Summit was held in Luanda, Angola, focusing on promoting power interconnection and green investment to support sustainable development in Africa [1][2]. Group 1: Event Overview - The summit took place from October 28 to 31, 2023, and was co-hosted by the African Union Development Agency, the Chinese Mission to the African Union, and the Global Energy Interconnection Development and Cooperation Organization [1]. - The theme of the summit was "Capital, Corridors, Trade: Investing in Infrastructure to Promote the African Continental Free Trade Area and Shared Prosperity" [2]. Group 2: Key Discussions - Chinese representatives emphasized the importance of cooperation with the African Union and African countries to implement a number of green low-carbon infrastructure projects in Africa [1]. - The Global Energy Interconnection Development and Cooperation Organization highlighted Africa's rich clean energy and mineral resources, while also addressing challenges such as insufficient energy supply and weak infrastructure [1]. Group 3: Strategic Initiatives - The summit proposed five innovations to promote interconnectivity and prosperity in Africa: planning innovation, standard innovation, project innovation, investment innovation, and infrastructure integration innovation [2]. - The need for regional power integration and green energy investment was underscored to facilitate Africa's clean energy transition and interconnectivity [2].

Core Viewpoint - The article highlights the upcoming 7th East Asia Summit Clean Energy Forum, emphasizing the importance of regional cooperation in clean energy and the commitment to high-quality regional development through enhanced connectivity [2] Group 1: Event Overview - The forum will take place from November 4 to 5 in Fuzhou, Fujian Province, co-hosted by China's National Energy Administration, Malaysia's Ministry of Energy and Water Management, and the Fujian Provincial Government [2] - The theme of the forum is "High-level Connectivity Promotes High-quality Regional Development," aligning with ASEAN's annual energy theme and regional energy development priorities [2] Group 2: Forum Structure - The forum will feature four sub-forums focusing on New Energy and New Technologies, the role of women in regional clean energy development, sustainable hydropower, and green investment [2] - The first day will include an opening ceremony, keynote speeches, and a results release ceremony, along with the sub-forums, while the second day will involve site visits [2]