王遥指出，我国绿色金融当前在体系性、创新性和国际影响力等方面全面提升。展望2026年及"十五五"，仍需在方向、路径、模式、基础四大层面实现系统 性突破。例如深化转型金融、拓展自然融资，着力填补关键融资缺口，强化科技赋能，破解信息不对称瓶颈等。 王遥认为，在"十五五"时期，实现"稳增长"与"降碳"的平衡是经济高质量发展的核心要求。二者并非取舍关系，而是一体两面、内在统一：经济增长需要绿 色新动能，而降碳增效本身也创造新需求、新产业，共同指向更可持续的发展。 站在"十四五"收官与"十五五"谋划的历史交汇点，我国绿色金融已实现从规模扩张到体系完善的关键跨越。 截至2025年三季度末，我国绿色贷款余额达43.51万亿元，同比增长22.9%，近五年增速持续保持20%以上高位。作为全面实施碳排放双控制度的首个五 年，"十五五"时期绿色金融如何从"深水区"破局，在2026年夯实高质量发展根基？在引导金融资源从高碳领域向绿色低碳领域转移时，又应如何避免引发系 统性金融风险？需要建立怎样的宏观审慎管理机制？中央财经大学绿色金融国际研究院院长王遥接受了北京商报记者专访，深度拆解"十五五"绿色金融的突 破方向与实践路径。 不能"单 ...

全国人大常委会委员、国家气候变化专家委员会副主任王毅在会上表示，"双碳"目标提出以后，气候变化因素被系统性纳入国家顶层设计，生态文明建设进 入以降碳为核心目标的新阶段。以"双碳"目标为引领，我国正迈向一个低碳化、绿色化的高质量发展新阶段。 每经北京11月15日电（记者李彪）近日，由全国工商联环境商会主办的"2025中国生态环境产业发展大会暨环境上市公司论坛"召开，业界围绕"十五五"环境 产业展开热烈讨论。 活动现场每经记者李彪摄 "当然，构建新型能源体系不是简单地建光伏、风电项目，还包括分布式能源、储能以及今后的需求侧管理，不能因为峰值电力需求或者能源需求增长就要 配套那么多煤电或者化石能源，要先立后破推动全面绿色转型。"王毅说。 环境商会会长李其林告诉《每日经济新闻》记者，环境产业年营收规模连续三年超过2万亿元，形成覆盖污染治理、生态修复、资源循环的完整产业链，市 场化和专业化程度大幅增强，同时围绕"双碳"目标进行创新。 李其林说，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》明确，以碳达峰碳中和为牵引，协同推进降碳、减污、扩绿、增长，筑牢生 态安全屏障。这为我国高质量发展锚定方向，也为生态环 ...

Core Insights - The report emphasizes the investment themes for 2026 in the environmental sector, focusing on overseas expansion, carbon reduction, and pollution control as key strategies under the "14th Five-Year Plan" [3][6] - The environmental industry is experiencing a transition as domestic infrastructure peaks, with a projected 4.9% year-on-year growth in sector performance for the first three quarters of 2025 [6][28] Policy Guidance - The "14th Five-Year Plan" has not yet met carbon reduction targets, indicating a need for continued efforts in this area, while other environmental goals have been largely achieved [22][24] - The "15th Five-Year Plan" aims to synergize carbon peak and neutrality goals with pollution reduction and green growth initiatives [6][24] Overseas Expansion - The report identifies significant market opportunities in Southeast Asia and Central Asia for waste incineration, with a potential market size in the hundreds of billions [7] - Indonesia's upcoming waste incineration projects are highlighted, with expectations for rapid development starting in Q1 2026, supported by sovereign fund investments [7] - Key companies positioned for overseas expansion include Weiming Environmental, China Everbright, and others [7] Carbon Reduction - The carbon market is evolving, with ongoing improvements in the carbon emission control system and an expected rise in carbon prices [8] - Non-electric green energy sectors, such as renewable energy heating and biofuels, are anticipated to benefit from policy support and growing domestic demand [8] - Companies like Zhuoyue New Energy are noted for their potential in the biofuel sector, particularly in the context of EU anti-dumping influences subsiding [8] Pollution Control - The water and air sectors are expected to see continued investment in pollution control, with companies like Xingrong Environment and Aofu Technology highlighted for their growth potential [9] - The report notes that the implementation of the National VI emissions standards will create opportunities in the automotive emissions control market [9] Diverse Investment Opportunities - The report outlines various investment opportunities arising from new production capabilities, cyclical trends, and debt management strategies within the environmental sector [10] - Companies involved in smart technologies and battery materials are identified as potential beneficiaries of these trends [10]

Core Viewpoint - China Tianying has established a comprehensive green circular economy route, integrating green hydrogen consumption, green chemical derivatives, and a unified source-network-load-storage system, aiming to support the shipping industry's carbon reduction goals by 2030 [1] Group 1: Business Strategy - The company has formed a full industrial chain for green circular economy, focusing on the consumption of green hydrogen and green electricity [1] - China Tianying collaborates with companies like Germany's Mabro Oil, COSCO, and China Shipbuilding Fuel to secure end-use application scenarios [1] Group 2: Market Development - The company is working towards obtaining EU ISCCEU green certification to facilitate international market entry for its products [1] - By 2030, China Tianying plans to achieve a supply capacity of 1 million tons of ISCCRFNBO standard electro-methanol, contributing to the shipping industry's lifecycle carbon reduction targets [1]

Investment Rating - The report maintains a "Buy" rating for several key stocks in the financial and manufacturing sectors, including Green City China, Jianfa International Group, New China Life Insurance, and Bank of Communications [12][42][44]. Core Views - The report highlights the increasing pressure on corporate earnings in the short term, with a focus on the potential for export recovery in the coming year [9][10]. - The real estate sector is facing downward pressure, but there are expectations for policy support to alleviate burdens on homebuyers [11]. - The non-bank financial sector is experiencing an optimized market structure, with high growth potential in the securities industry [15]. - The banking sector is expected to see accelerated valuation reassessment driven by strong allocation forces [17]. - The new energy sector is at a bottoming phase, with attention on marginal changes in new technologies [20]. - The machinery sector is approaching mass production of humanoid robots, focusing on core supply chain targets [25]. - The military industry is expected to improve, with a focus on military trade, internal installations, and military-to-civilian transitions [27]. - The light industry is emphasizing opportunities in overseas manufacturing and high-quality domestic consumption [30]. Summary by Sections Real Estate - The real estate sector is under increasing downward pressure, particularly in core cities, with expectations for policy measures to lower home purchase thresholds [11]. - Key companies like Green City China and Jianfa International Group are highlighted for their strong land acquisition and sales performance, with projected net profits for 2025-2027 [12][14]. Non-Bank Financial - The securities industry is expected to maintain high growth, with significant improvements in insurance companies' performance [15][16]. - New China Life Insurance is noted for its leading elasticity and potential for growth in the equity market [16]. Banking - The report emphasizes the ongoing valuation repair in the banking sector, particularly for large state-owned banks and city commercial banks [17][19]. - Bank of Communications is highlighted for its low PB valuation compared to peers, indicating potential for significant upside [19]. New Energy - The new energy sector is identified as having established a bottom, with a focus on solar, storage, and lithium battery technologies [20][21]. - Companies like Sunshine Power and Siling Co. are recommended for their growth potential in the energy storage market [22][23]. Machinery - The humanoid robot sector is approaching mass production, with companies like Hengli Hydraulic expected to benefit from this trend [25][26]. Military - The military sector is projected to see upward trends in military trade and civilian applications of military technology [27][28]. Light Industry - The report emphasizes the importance of overseas manufacturing and high-quality domestic consumption opportunities, with companies like Simor International and Aorijin highlighted for their growth potential [30][32][34]. Environmental - The environmental sector is expected to benefit from carbon reduction policies and overseas expansion opportunities, with companies like Huanlan Environment and Ice Wheel Environment noted for their growth prospects [35][40][41].

Core Viewpoint - The Chinese government is set to implement a dual control system for carbon emission intensity and total carbon emissions starting from the 14th Five-Year Plan, marking a strategic shift towards carbon reduction [1][2]. Group 1: Policy Implementation - The new policy aims to leverage existing administrative management advantages while enhancing the use of market mechanisms [1][2]. - The construction of the carbon market in China has entered a new phase of rapid development, with plans for the national carbon market to cover 80% of total carbon emissions in the future [1][2]. Group 2: International Benchmarking - The approach taken by the European Union, which utilizes carbon markets to address emissions in covered sectors and administrative measures for uncovered sectors, serves as a valuable reference for China [1][2].

Core Insights - The article emphasizes the importance of carbon peak and carbon neutrality as guiding principles for China's economic green development, highlighting the ecological and environmental industry's role in the 14th Five-Year Plan [1][2] Group 1: Industry Development Goals - The ecological and environmental industry is transitioning from a focus on pollution control to a systematic approach that integrates carbon reduction, pollution reduction, green expansion, and economic growth [2] - The industry has achieved significant milestones, with revenue reaching approximately 2.3 trillion yuan, supported by advancements in scale, technology, and cluster layout [1] Group 2: Innovation and Technology - High-quality development in the ecological and environmental industry requires a focus on technological innovation, aiming to shift from end-of-pipe emissions control to resource recovery and smart systems [3] - The establishment of a national environmental technology innovation center is proposed to tackle critical technologies and ensure a self-sufficient and secure supply chain [3] Group 3: Market Dynamics and Enterprise Role - Private enterprises play a crucial role in the ecological and environmental industry, accounting for over 90% of the total number of firms and generating more than 70% of innovative outcomes [4] - The article advocates for a collaborative framework between state-owned and private enterprises to enhance resource integration and innovation [4] Group 4: Policy and Planning - The article calls for an expansion of policy tools to support the ecological and environmental industry, including tax incentives and financial support, while integrating industry development into national energy conservation and environmental protection plans [4] - A comprehensive and actionable industry development plan is necessary to guide local and enterprise efforts towards sustainable growth [4] Group 5: Value Creation and Economic Benefits - The ultimate goal of the ecological and environmental industry is to address pressing environmental issues while transforming environmental governance into value creation [5] - Innovative approaches to urban ecological management and water governance are highlighted as means to achieve both ecological and economic benefits [5]

Core Insights - The article emphasizes the importance of carbon peak and carbon neutrality as guiding principles for China's economic green development, providing a fundamental framework for the ecological and environmental protection industry during the 14th Five-Year Plan period [1] - The ecological and environmental protection industry is positioned as a key driver for high-quality development, with significant achievements in reducing PM2.5 concentrations and increasing clean energy consumption [1] - The industry is expected to transition from single pollution control to a systematic approach that integrates carbon reduction, pollution reduction, green expansion, and economic growth [2] Group 1: Industry Development and Trends - The ecological and environmental protection industry has achieved a revenue scale of nearly 2.3 trillion yuan, supported by industry scale, technology level, and cluster layout [1] - The industry is at a historical intersection of a "golden development period" for green industries and a "deep transformation period" for traditional high-carbon industries [1] - The focus will be on technological innovation, shifting from end-of-pipe emissions control to resource recovery, smart solutions, and system integration [3] Group 2: Innovation and Market Dynamics - The article highlights the need for a complete and independent industrial technology system, emphasizing the importance of strategic adjustments in technology innovation [3] - Private enterprises play a crucial role in the ecological and environmental protection industry, accounting for over 90% of the total number of entities and contributing to more than 70% of innovation outcomes [4] - The article advocates for a collaborative development model between state-owned and private enterprises, encouraging leading companies to drive cross-sector cooperation and resource integration [4] Group 3: Policy and Planning - The article calls for the expansion of policy tools to enhance fiscal, investment, and pricing mechanisms, increasing tax incentives for the environmental protection industry [4] - It suggests the need for a high-level, comprehensive, and actionable overall industrial development plan that aligns with national energy conservation and ecological protection strategies [4] - The ultimate goal is to transform environmental governance into value creation, addressing pressing ecological issues while achieving economic benefits [5]

Core Viewpoint - The essence of carbon reduction is cost reduction, contrary to the common belief that green and low-carbon products increase costs [1] Group 1: Company Initiatives - The company has established a "Low Carbon Supply Chain Alliance" to prioritize suppliers that meet carbon reduction standards, aiming to promote sustainability across the entire industry chain [1] - After seven years of efforts, the company has achieved significant improvements in its operations, including reduced carbon and water footprints, and streamlined packaging [1] Group 2: Economic Impact - The company's low-carbon initiatives have led to cost reductions without increasing costs for downstream users, aligning with the value of creating products that are favored by both the planet and customers [1]

Core Viewpoint - The report highlights the increasing demand for biodiesel driven by terminal demand growth and regulatory changes, particularly in the context of the EU's RED III implementation and domestic initiatives in China [2][4]. Group 1: Biodiesel Price Trends - As of November 19, the FOB prices for China's first and second generation biodiesel are $1,165 and $1,900 per ton, reflecting increases of 11% and 24% respectively since the beginning of 2025 [2][3]. - The steady growth in biodiesel prices since 2025 is attributed to rising terminal demand [2]. Group 2: Domestic and International Demand Drivers - The first domestic B5 biodiesel injection for internal trade was completed, marking a significant step in the domestic biodiesel market [3]. - The implementation of the "IMO net-zero framework" is expected to increase the demand for biodiesel in both domestic and international shipping [3]. - In 2024, China's internal trade ship fuel consumption is projected to be 4.48 million tons, indicating substantial potential for biodiesel substitution in the future [3]. Group 3: EU Regulatory Impact - The RED III legislation, effective from 2026, raises the renewable energy consumption target from 32% to at least 42.5%, and the renewable energy target in the transport sector from 14% to 29% [4]. - The removal of the double carbon reduction policy for used cooking oil (UCO) is expected to significantly boost the demand for biodiesel and UCO, potentially doubling the demand [4]. - It is estimated that the demand for biodiesel produced from UCO in the EU will increase by at least 400,000 tons following the RED III implementation [4]. Group 4: Beneficiary Companies - Companies such as卓越新能, 海新能科, 嘉澳环保, and 山高环能 are identified as potential beneficiaries of the growing biodiesel market [5].