证券代码：300190 证券简称：维尔利 3、公司在天然气业务行业的市场开发策略？ 编号：2026-001 | 投资者关系活 | 分析师会议 □特定对象调研 □ | | --- | --- | | 动类别 □ | 媒体采访 □ 业绩说明会 | | □ | 新闻发布会 □ 路演活动 | | | □现场参观 √ 其他 （电话会议） | | 参与单位名称 | 融通基金 姚垚 汇丰晋信 韦钰 汇丰晋信 王家怡 国泰基金 | | 及人员姓名 | 谢泓材 光大宝德信 董旭 民生加银 汤思懿 华宝基金 居帧 | | | 紫金信托 魏宁伟 博时基金 陈牧涵 博时基金 金欣欣 申万证 | | | 券 莫龙庭 兴业证券 胡冰清 交银施罗德基金 庄彤芸 工银瑞 | | | 信基金 袁路欣 国中长城资产 刘志强 交银施罗德 刘鹏 安华 | | | 农业保险 张放 东方财富 周喆 中信证券 任丹 中银证券 徐 | | | 中良 东吴证券 袁理 陈孜文 田源 高熵基金 钟诚 华泰证券 | | | 王玮嘉 李雅琳 银华基金 杨丹 天弘基金 杜田野 华夏基金 | | | 艾邦妮 睿郡 丁晨霞 易方达 吴奇 银华基金 张玲 瑞众保险 | | ...

来源：市场资讯 （来源：中央财经大学绿色金融国际研究院） 在全球贸易体系加速向低碳与可持续方向转型的背景下，棕榈油作为典型的森林风险商品，正面临日益 严格的环境与贸易监管要求。中国是全球重要的棕榈油进口国，其进口结构和贸易安排对上游生产国土 地利用方式、森林治理及相关环境风险具有重要影响。 本文在梳理中国棕榈油进口规模和主体结构的基础上，分析当前棕榈油绿色贸易发展面临的主要问题， 并在此基础上提出推动棕榈油可持续贸易的改进措施与政策建议，以期为中国参与全球棕榈油可持续治 理和绿色贸易体系建设提供参考。 一、棕榈油可持续发展的重要性与紧迫性 | 企业名称(主体全称) | 企业性质 / 类型 | 主要业务特征 | | --- | --- | --- | | 中粮油脂(中粮集团有限公司) | 中央国有企业 | 综合粮油贸易、加工与分销 | | 益海嘉里 | 中外合资民营企业 | 粮油加工、品牌销售与全球贸易 | | Sinarmas 金光企业管理(上海)有限公司 | 外资企业 | 国际农产品贸易 | | Musim Mas 春金控股有限公司 | 外资企业 | 国际棕榈油贸易 | | 嘉吉投资(中国)有限公司 | 外 ...

点击小程序查看报告原文 Abstract 摘要 "十五五"是我国碳达峰攻坚关键期，但近年来全国碳排放增速不降反升，能源结构清洁化和产业结构去重化两大转型面临挑战。随着碳达峰与"反内卷"都 已成为重要政策目标，"反内卷"对绿色转型的潜在影响尚未被市场充分探讨，我们认为未来"反内卷"与绿色转型有望协同。 "内卷式"竞争长期来看可能不利于绿色转型。 能源结构清洁化层面，内卷虽然在短期内能更快地压低清洁能源价格，但从长期来看反而会延缓其成本下 降趋势，因为利润下滑会削弱企业的研发投入能力，竞争烈度和创新绩效之间存在倒U型关系。产业结构去重化层面，内卷加剧产能利用率低和供需失衡 等，低效投资、以量补价等行为也可导致碳排放上升，特别是对于高碳产业来讲。 "反内卷"对绿色转型意味着什么？ 能源结构清洁化的关键是降低绿色溢价，在"反内卷"成功这一理想情景下，即各行业实现盈亏平衡、价格回归合理水 平、低效投资得到有效控制的假设下，我们估计 绿色溢价会从"反内卷"前的-21%下降8-11个百分点。 具体来说，煤价回升至合理水平会提高煤电度电成 本约16%，而光伏度电成本在"仅不低于成本销售"这一政策情景时上涨约4%，在"不低于成 ...

Group 1: Precious Metals Market Overview - The precious metals market has experienced significant volatility, with gold, silver, and platinum reaching new historical highs recently, despite a sharp decline in prices on December 29 [2][5] - Gold prices have surged over 70% year-to-date, while silver has seen an impressive increase of over 162% during the same period [5][6] - The market is influenced by macroeconomic factors, including expectations of interest rate cuts by the Federal Reserve and geopolitical uncertainties affecting supply [3][6] Group 2: Supply and Demand Dynamics - The silver market has been in a state of supply shortage for five consecutive years, with global inventories at a ten-year low, driven by industrial demand in sectors like photovoltaics and electronics [6][9] - Platinum and palladium are also facing supply gaps, with platinum prices rising over 150% this year, largely due to its role in hydrogen fuel cells and industrial applications [9] - The demand for industrial metals, including copper and nickel, has surged alongside precious metals, driven by the narrative of a "super cycle" in green energy and AI infrastructure [3][7] Group 3: Speculative Activity and Market Response - Speculative buying has intensified, with significant increases in net long positions for gold and copper, indicating strong investor interest [10] - Exchanges have responded to the volatility by raising margin requirements for various metal futures, aiming to mitigate extreme price fluctuations [11][12] - The adjustments in trading parameters reflect concerns over liquidity and potential market instability as the year-end approaches [12] Group 4: Future Outlook - Analysts predict that gold prices will continue to benefit from Federal Reserve rate cuts and increased inflows into global gold ETFs [6][13] - The copper market is expected to stabilize around $11,400 per ton in 2026, contingent on ongoing tariff uncertainties [14] - The overall sentiment remains bullish for precious metals, with institutions maintaining a positive outlook despite potential short-term volatility [13]

Group 1: Company Overview and Business Transition - The company has over 20 years of experience in the environmental protection industry, focusing on organic waste resource utilization [2][3] - It has expanded its services from leachate treatment to include kitchen waste processing, biogas and bio-natural gas, oil recovery, VOCs governance, industrial water treatment, and energy conservation [3] - The company has completed over 400 leachate treatment projects and more than 70 kitchen waste projects, accumulating extensive engineering experience [3] Group 2: Biogas and Bio-Natural Gas Development - The company has a total biogas project capacity of 2 million m³/d, with over 200 projects designed to handle more than 10,000 m³/d [3] - Future business focus will be on expanding bio-natural gas and bio-fuel oil sectors, transitioning from an "organic waste resource expert" to a "sustainable development service provider" [3] Group 3: Green Premium and Market Opportunities - Bio-natural gas has a significant green premium potential due to its carbon reduction properties, especially with the EU's Carbon Border Adjustment Mechanism (CBAM) set to be implemented on January 1, 2026 [4][5] - The company aims to leverage carbon reduction attributes and green fuel conversion to enhance the value of bio-natural gas [5] Group 4: Competitive Advantages - The company has a strong project resource and customer base, with over 2 million m³/d of biogas resources ready for development [5] - It possesses advanced anaerobic digestion and biogas purification technologies, ensuring adaptability to various project needs [5] - An experienced operational team enhances the company's ability to manage diverse project scenarios effectively [5][6] Group 5: Future Plans and Market Expansion - The company plans to explore overseas markets for bio-natural gas, particularly in Southeast Asia, while ensuring compliance with international standards [7] - For smaller natural gas projects, the company will prioritize integration into urban gas networks and optimize operational management to maintain profitability [8] - The bio-fuel oil business will focus on utilizing waste oil from kitchen waste projects, aiming for a processing capacity of 300,000 tons/year [10] Group 6: Additional Business Ventures - The company is developing a cooling business based on existing capabilities, targeting data centers and industrial sectors [13] - It is also collaborating on robotic solutions for hazardous environments, enhancing service offerings in environmental projects [13]

Core Insights - The surge in platinum prices, which increased by 45% to over $1,300 per ounce, is driven by a global rush for 290,000 ounces of platinum, highlighting its strategic importance in the hydrogen energy industry [1][3] - The competition for platinum is intensifying between the US and China, with both countries implementing policies to secure their supplies amid a looming supply shortage projected at 26.4 tons by 2025 [5][11] Supply and Demand Dynamics - South Africa produces 70% of the world's platinum, while Russia accounts for 20%, and China has minimal production at only 3 tons annually, despite consuming 30% of global platinum [5][9] - The imbalance in supply and demand is exacerbated by geopolitical factors, including supply chain disruptions in South Africa and sanctions affecting Russian exports [11][14] Market Reactions and Trends - The introduction of platinum futures by the Guangzhou Futures Exchange aims to stabilize prices and provide risk management tools for domestic enterprises, reflecting a shift towards establishing a "Chinese price" for platinum [5][11] - The demand for platinum in the automotive sector remains strong, with 94.74 tons required for catalytic converters in 2023, despite the rise of electric vehicles [9][12] Geopolitical Influences - The geopolitical landscape is complicating the platinum market, with the US considering tariffs and China implementing tax incentives to secure resources [3][11] - The relationship between China and South Africa, along with cooperation within BRICS nations, is becoming increasingly important for ensuring platinum supply [11][14] Investment and Financial Aspects - The financial attributes of platinum are evolving, with its industrial value becoming more pronounced as demand from jewelry declines [12][14] - The current price volatility reflects a broader trend of global investors seeking tangible assets amid concerns over fiat currency stability [14]

ESG深一度 中央经济工作会议明确"双碳"引领，推动ESG（环境、社会和公司治理）纳入企业战略监督体系，强化 治理结构合规要求。 自2012年联合国提出ESG理念以来，各国及各行业陆续制定并推行各类强制性披露与信息规范要求。此 举的初衷是促进ESG目标的实现，具有积极意义。然而，对于众多中小型企业来说，如何有效降低ESG 相关成本，已成为影响其合规积极性和可持续发展能力的关键课题。 "让ESG既能够助力实现社会可持续发展目标，也为企业发展提供机会，企业不再把ESG当做负担。"香 港理工大学会计与金融学院副院长、ESG和可持续发展中心常务主任吴强表示，顶级期刊的研究表明， ESG 表现可带来绿色溢价（Green Premium），将让企业看到ESG能创造更好价值，也会加大配置，促 进企业与资本的良性互动；此外，企业还可以通过绿色债券、绿色借贷等工具投入ESG，尤其是环保与 创新领域，获得良好的回报价值，既降低资金成本，又提升了市场认可度。 吴强表示，此前，ESG工作面临数据准确性不足、认证难度大、可用性有限等瓶颈，制约了企业的披露 与合规效率。随着大语言模型及人工智能技术的快速发展，相关数据处理与验证能力显著提 ...

Core Insights - Platinum has emerged as the new leader in the precious metals market, following strong upward trends in gold and silver prices [1][2] - The price of platinum has increased by 105% year-to-date, significantly outpacing gold's 63% increase during the same period [1] Group 1: Price Movements - On December 16, domestic platinum futures opened with a continued upward trend, following a significant 7% increase on December 15, where it reached a record high since listing [1] - The highest price for platinum futures on the international market (NYMEX) has surpassed $1862 per ounce [1] Group 2: Market Dynamics - The rise in platinum prices is attributed to supply-demand imbalances and expectations of macroeconomic easing, positioning platinum as a new leading asset in the precious metals market [2] - According to the World Platinum Investment Council, platinum and silver, as representatives of "white precious metals," possess safe-haven attributes while being closely tied to industrial demand and global energy transitions, leading to a price logic that partially deviates from traditional precious metal frameworks [2]

专题：2025中国可持续投资发展论坛 12月12日金融一线消息，2025中国可持续投资发展论坛今日召开，本次论坛的主题为"科技融合与可持 续发展新生态"。博世中国可持续发展首席研究员项洋旭出席论坛。 项洋旭表示，可持续发展新生态的核心是"共赢"，而绿色溢价的合理化是共赢的关键。绿色溢价应避免 直接转移给终端消费者，我们应该思考未来可通过政策工具等方式引导将其合理分配至整个产业链。 在项洋旭看来，未来若能将政策补贴的评价指标从"能效"拓展至"碳标签"等更广泛维度，将进一步激活 产业链降碳动力，构建更健康的可持续发展生态。 项洋旭表示，可持续发展新生态的核心是"共赢"，而绿色溢价的合理化是共赢的关键。绿色溢价应避免 直接转移给终端消费者，我们应该思考未来可通过政策工具等方式引导将其合理分配至整个产业链。 在项洋旭看来，未来若能将政策补贴的评价指标从"能效"拓展至"碳标签"等更广泛维度，将进一步激活 产业链降碳动力，构建更健康的可持续发展生态。 项洋旭用一句话概括展望："三五年后，若能实现绿色溢价的合理化、分配化，让产业链各环节都能从 绿色转型中受益，而非将成本转嫁给消费者，将是可持续发展生态最健康的状态。" 责任 ...

Core Viewpoint - Green liquid fuels are becoming a key driver for decarbonization in shipping, aviation, and chemical industries, benefiting from increased carbon tax policies and ongoing cost reductions, with potential for nearly tenfold growth in the next five years and a long-term market space reaching trillions [1] Policy Support and Market Demand - The demand for green liquid fuels, including green methanol, green ammonia, and sustainable aviation fuel (SAF), is transitioning from "potential" to "rigid" due to improved clean energy systems and decarbonization policies, with projected global demand by 2025 reaching approximately 300 million tons for green methanol, 250 million tons for green ammonia, and 250 million tons for SAF, and expected to grow significantly by 2030 [2] Supply and Demand Dynamics - Current production processes for green methanol, green ammonia, and SAF are mature, but actual project implementation is limited, with effective capacities projected to be only 50 million tons for green methanol, 130 million tons for green ammonia, and 440 million tons for SAF by 2025, while by 2030, effective capacities are expected to reach 2600 million tons for green methanol, 2400 million tons for green ammonia, and 1700 million tons for SAF [3] Cost Reduction and Pricing Trends - The production cost of green liquid fuels is currently 70%-120% higher than traditional methods, primarily due to the "green premium" from renewable electricity and equipment costs, with projections indicating that the cost of green methanol could decrease to between 2900-3700 RMB per ton by 2030, narrowing the cost gap with traditional fuels [4] Industry Chain Development - The green liquid fuel industry chain is evolving, with upstream suppliers of green electricity and biomass, integrated production operators, and downstream storage and distribution companies, where integrated firms are primarily wind power and state-owned electricity companies, enhancing their value and positioning in the emerging market [5]