日前，美国前国务卿约翰·克里表示，他对如此多的美国首席执行官（CEO）害怕美国总统特朗普感 到"震惊"，并称尽管绿色能源投资回报丰厚，但一些企业仍然放弃了这些投资。 曾任拜登政府时期总统气候变化事务特使、现任Galvanize投资集团联席执行主席的克里表示，可能引 发的政治和法律后果令许多知名投资者和企业高管望而却步。 《联合国气候变化框架公约》（下称《公约》）第三十次缔约方大会（COP30）落幕，并通过了关键文 件。据新华社报道，这是联合国气候变化大会首次在美国联邦政府缺席的情况下召开。大会达成的系列 成果再次证明：《巴黎协定》是全世界绝大多数国家的共识，全球绿色转型不可逆转。 "首席执行官们的恐惧程度令我震惊" 克里称："并非他们不相信气候变化，也并非他们不想推进相关工作。他们只是害怕。首席执行官们的 恐惧程度令我震惊。" "过去几个月，特朗普的一系列举动，加上司法部以及他的报复性政策，吓坏了很多人。"他表示。 他说，应对之策是"向人们证明他们的负担会降低，他们能用上优质的绿色电力，他们会喜欢上热泵， 因为它实际上比燃油炉效果更好，成本更低，而且不会造成危害"。 "我们必须确保人们明白，这对他们的经济利益 ...

Core Insights - A new private equity fund named Qingdao Zhilian Green Energy Equity Investment Fund Partnership has been established with a capital contribution of 1 billion RMB [1] - The fund's managing partner is Qingdao Urban Investment Private Fund Management Co., Ltd., and its business scope includes private equity investment, investment management, and asset management activities [1] - The fund is jointly funded by Qingdao Urban Investment Venture Capital Co., Ltd., Qingdao Financial Cooperation Project Guidance Fund Partnership, and Qingdao Science and Technology Innovation Fund Partnership [1]

Core Insights - National fixed asset investment (excluding rural households) reached 288,229 billion yuan from January to July, showing a year-on-year growth of 1.6% [1] Group 1: Equipment Investment - The "Two New" policies have led to a significant increase in equipment purchase investment, which grew by 15.2% year-on-year, outpacing overall investment growth by 13.6 percentage points, contributing 2.2 percentage points to total investment growth [2] Group 2: Manufacturing Investment - Manufacturing investment has seen a robust increase, growing by 6.2% year-on-year, which is 4.6 percentage points higher than the overall investment growth, contributing 1.5 percentage points to total investment growth. Notably, consumer goods manufacturing investment rose by 10.8%, while equipment manufacturing investment increased by 4.8%. High-tech manufacturing sectors such as aerospace and equipment manufacturing saw investment growth of 33.9% and 16.0%, respectively [3] Group 3: Infrastructure Investment - Infrastructure investment has shown a steady growth of 3.2% year-on-year, exceeding overall investment growth by 1.6 percentage points, with a contribution rate of 43.0% to total investment growth, an increase of 6.0 percentage points from the first half of the year. Key sectors include water transportation (18.9% growth), water management (12.6% growth), and railway transportation (5.9% growth) [4] Group 4: Green Energy Investment - Green energy investment has surged, with the electricity, heat, gas, and water production and supply sector growing by 21.5% year-on-year, contributing 1.4 percentage points to total investment growth. Investments in solar, wind, nuclear, and hydropower collectively increased by 21.9% [5] Group 5: High-Tech Service Investment - High-tech service investment has expanded, growing by 6.2% year-on-year, which is 4.6 percentage points higher than overall investment growth. This sector now accounts for 5.1% of total service industry investment, up by 0.4 percentage points from the same period last year, with information service investment increasing by 32.8% [6] Group 6: Project Investment - National project investment (excluding real estate development) grew by 5.3% year-on-year, surpassing overall investment growth by 3.7 percentage points. Projects with total planned investments of 100 million yuan and above saw a 4.1% increase, contributing 2.3 percentage points to total investment growth. Private sector project investment (excluding real estate) rose by 3.9%, with notable growth in accommodation and catering (19.6%), infrastructure (8.8%), and cultural, sports, and entertainment sectors (8.1%) [7]

Core Viewpoint - Pacific Securities recently initiated coverage on Sichuan Chengyu (601107) with a "Buy" rating, highlighting effective cost control and successful bidding for the Chengya expansion project [1] Financial Performance - In the 2024 annual report, Sichuan Chengyu achieved total revenue of 10.362 billion, a year-on-year decrease of 11.07%; net profit attributable to shareholders was 1.459 billion, an increase of 22.91%; and non-recurring net profit was 1.39 billion, up 27.22% [2] - For Q1 2025, the company reported revenue of 1.85 billion, a year-on-year decrease of 8.08%, while non-recurring net profit increased to 443 million, a rise of 16.51% [3] Business Overview - Sichuan Chengyu is the only A+H share listed company in Sichuan focusing on highway infrastructure, involved in investment, construction, operation, and management of highways, as well as green energy investments and resource development [4] - As of the end of 2024, the company operates approximately 900 kilometers of highways, with 858 kilometers being toll roads, and has ongoing construction for the Chengle expansion project covering about 136.1 kilometers [4] Investment Outlook - The company has completed the Tianqiong Expressway and is currently working on the Chengle expansion project, having won the bid for the Chengya expansion project in July [5] - The company is expected to maintain its dividend policy, proposing a cash dividend of approximately 890 million for 2024, which represents 60.8% of the annual net profit, with a dividend yield of about 5.77% based on the closing price on the report date [2][5]