Core Viewpoint - Yunnan Province is advancing the construction of zero-carbon parks, aiming to provide 100% green electricity to enterprises within these parks, and has initiated the development of 15 provincial-level zero-carbon parks in three batches [1][2]. Group 1: Zero-Carbon Park Development - Yunnan has selected and initiated the construction of 15 provincial-level zero-carbon parks, implementing a "one park, one policy" approach to promote development [1][3]. - The parks include key areas such as Xiangyun Economic Development Zone and Dali Economic Development Zone, which are highlighted as candidates for national carbon peak pilot cities [1][3]. Group 2: Green Electricity and Integrated Projects - The goal is to provide 100% green electricity to enterprises in the parks, with ongoing implementation of integrated projects like "source-network-load-storage" [2]. - The Tianfengshan "wind-solar-storage" integrated project in Xiangyun Economic Development Zone has been completed and is operational [2]. Group 3: Carbon Footprint Management - Yunnan has established carbon footprint accounting targets for provincial-level zero-carbon parks and released a key product directory for carbon footprint accounting [2]. - Companies like Beitaini and Duobao Group have achieved full carbon footprint certification for 17 products, with 51 products undergoing carbon footprint accounting certification in the first two batches of parks [2]. Group 4: Third Batch of Zero-Carbon Parks - The third batch of provincial-level zero-carbon parks includes Yiliang Industrial Park, Zhaoyang Economic and Technological Development Zone, and others, focusing on resource recycling, non-ferrous metals, and green energy [3]. - Future efforts will concentrate on green electricity supply, "green production" industrial development models, and enhancing carbon management [3].

8月15日服贸会环境服务专题媒体通气会在京举办，会上介绍了专题展筹备进展与展区亮点，传递绿色 发展理念，展示环境服务领域"北京服务"的最新成果。 据悉，2025年服贸会环境专题展启用首钢园7号馆，展览面积6600平方米，以"绿色生产力赋能地球家 园"为核心主题。 首都会展集团服贸会中心总经理刘云雪介绍，截至目前，50余家企业将线下参与展览展示，其中世界 500强及行业龙头企业16家，构建起了"领军企业为链主、垂直产业链上下游联动"的展示格局，集中展 出新能源与能源低碳服务、环境生态服务与循环经济、绿色低碳数字化技术与服务三大核心领域的前沿 成果。 "零碳园区"方案馆将亮相，集成展示"零碳园区"全流程解决方案 值得一提的是，"零碳园区"方案馆将于此次服贸会亮相，这是2025年服贸会环境服务行业特色主题展 馆，由国际绿色经济协会总体策划和组织近10家参展企业，集成展示"零碳园区"全要素、全流程解决方 案。 国际绿色经济协会执行秘书长朱立丽介绍，"零碳园区"方案馆作为行业特色主题展馆，由国际绿色经济 协会总体策划并组织近10家参展企业，集成展示全要素全流程解决方案。 据悉，该展馆定位服贸会前沿解决方案标杆示范展区， ...

Core Viewpoint - Jiangsu Yueda Investment Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven primarily by advancements in solar and energy storage projects [1][2]. Financial Performance - The company achieved an operating income of 1.358 billion yuan and a net profit attributable to shareholders of 14.0247 million yuan, marking a year-on-year increase of 27.62% [1]. Solar Projects - Yueda Investment has made substantial progress in its solar projects, particularly the 150MW and 70MW fish-solar complementary projects in Xiangshui, Yancheng, with the main engineering of the 150MW project completed and successfully connected to the grid in August 2025 [2]. - The Huafeng 378MW fish-solar complementary project, launched at the end of 2024, has generated revenue of 63.06 million yuan and a net profit of 17.23 million yuan from January to June 2025, achieving an annualized capital return rate exceeding 10% [2]. - This project is expected to produce an average annual power generation of 400 million kWh, contributing to both stable electricity sales and significant environmental benefits, including a reduction of 36,650 tons of CO2 emissions and saving 133,400 tons of standard coal annually [2]. Distributed Solar Projects - The company has initiated new distributed solar projects, including the Yueda Smart Center (0.1MW) and the Dianfen project (0.94MW), aiming for operational status by the end of 2025 [3]. - These projects are expected to enhance overall profitability and support the achievement of annual operational goals [3]. Energy Storage Developments - Yueda Investment has rapidly established a 100MW/200MWh shared energy storage power station in Dongtai, which was completed in just 81 days and began operations on June 24, 2025, setting a record in the domestic sector [3]. - The project is projected to generate an average annual revenue of 32 million yuan over its 25-year operational period [3]. - As of June 2025, the company has accumulated a new energy storage capacity of 260MW/520MWh, positioning itself as a key player in the regional energy storage network [3]. Future Initiatives - The company is actively pursuing the development of commercial microgrid projects and has signed strategic cooperation agreements for the construction of a national-level zero-carbon park in collaboration with the Yancheng Economic Development Zone [3].

Core Viewpoint - The 10th Western Energy Storage Forum will be held on August 19-20, 2025, in Hohhot, Inner Mongolia, focusing on the integration of new energy and energy storage in China's western region, contributing to the national dual carbon strategy and the construction of a new power system [2][30]. Event Overview - The forum aims to create an innovative communication platform involving government, industry, academia, research, and application to explore new ideas for the development of new energy and energy storage in western China [2]. - The full agenda for the forum has been officially released, detailing various sessions and discussions [2]. Main Reports and Sessions - Keynote speeches will cover topics such as the new energy revolution and new energy storage technologies, the current status and trends of the new energy storage industry, and innovative practices in energy storage technology by major companies [10][11][12]. - The forum will feature multiple sub-forums focusing on new energy storage and electricity markets, innovative value creation in energy storage, and the exploration of unique energy storage markets in the western region [13][14][16]. Special Topics and Discussions - Discussions will include the integration of energy storage with renewable energy sources, innovative business models for zero-carbon parks, and the application of new energy storage technologies in data centers [19][22]. - A roundtable discussion will address the collaboration between large-scale energy storage and green hydrogen production, emphasizing the importance of stable green electricity supply [19]. Supporting Organizations - The forum is organized by several key institutions, including the China Energy Research Society, the Zhongguancun Energy Storage Industry Technology Alliance, and the Inner Mongolia Energy Storage Industry Promotion Association [24][30].

Financial Performance - Revenue decreased slightly by 1% from HK$10,501 million to HK$10,437 million[9] - Renewable Energy Business Net Profit increased by 5% from HK$164 million to HK$172 million[9] - Capital Expenditure decreased from HK$2 billion to HK$1.4 billion[12] Gas Business - Gas sales volume remained steady at 8.75 billion m³[5] - City Gas Dollar Margin increased by RMB 0.01/m³ to RMB 0.57/m³[5] - Operating expenses decreased by 6% due to optimized personnel structure[20] - Signed a 15 billion m³ pipeline gas LTA with the "Three Majors", amounting to 1.5 billion m³/year[4] - Secured LNG import supply of 1.5 million tonnes/year, equivalent to 2.1 billion m³/year[4] Renewable Energy - PV power generation increased by 44% to 1.18 billion kWh[4, 5] - Accumulated PV Grid-connected capacity increased by 0.3 GW to 2.6 GW[5] - Electricity trading volume increased by 14% to 3.64 billion kWh[5] - Secured 775 MWh in Energy Storage System (ESS) contracts[4] - Two tranches of quasi-REITs raised approximately RMB 1 billion[4, 38]

Group 1 - The U.S. has initiated anti-dumping and countervailing investigations on crystalline silicon photovoltaic cells imported from India, Indonesia, and Laos, following a request from the Alliance for American Solar Manufacturing and Trade [1] - The U.S. International Trade Commission (ITC) is expected to make a preliminary ruling on the material injury caused by these imports by September 2, 2025 [1] - If the ITC finds substantial harm to the U.S. domestic industry, the Department of Commerce will continue its investigation, with preliminary countervailing and anti-dumping rulings expected in October and December 2025, respectively [1] Group 2 - In 2024, the estimated import value of the investigated products from India is approximately $790 million, from Indonesia is about $420 million, and from Laos is around $340 million [2] Group 3 - Shuangliang Group has signed a strategic cooperation agreement with CATL's subsidiary, aiming to integrate resources for the construction of zero-carbon parks [3] - The collaboration will leverage both companies' strengths in energy management and clean energy solutions to explore new models for zero-carbon park development [3] Group 4 - Zhonglai Co., Ltd. announced that its subsidiary won a bid worth 280 million yuan for a 1GW photovoltaic project operation and maintenance contract [4] - The contract includes responsibilities for the operation, maintenance, and safety of the photovoltaic plants during the service period [4] Group 5 - Qidong Hongjun New Energy Co., Ltd. plans to invest 2 billion yuan in a project to build a 4GW heterojunction battery and 2GW module production base [5] - The project will be constructed in phases, with an initial investment of 1 billion yuan for the first phase, which will produce 2GW of bifacial double-glass modules [5]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][7]. Core Viewpoints - The company is a pioneer in the non-road wide-body dump truck sector, focusing on large-scale, electric, and unmanned vehicles, which are driving the demand for mining trucks [6][14]. - The company has a strong market position and is expected to benefit from the trends of large-scale, electrification, and automation in the mining industry, with significant growth in revenue and net profit projected for the coming years [6][7][22]. Financial Data and Profit Forecast - Total revenue (in million yuan) is projected to be 6,145 in 2024, with a year-on-year growth rate of 4.9%. For 2025, the revenue is expected to reach 6,961, reflecting a growth rate of 13.3% [2]. - The net profit attributable to the parent company is forecasted to be 793 million yuan in 2024, with a year-on-year growth of 29.0%. By 2025, it is expected to increase to 868 million yuan, a growth of 9.4% [2]. - Earnings per share are projected to be 1.79 yuan in 2024 and 1.88 yuan in 2025 [2]. - The gross profit margin is expected to improve from 21.4% in 2024 to 23.1% in 2027 [2]. Market Data - As of August 13, 2025, the closing price of the company's stock is 23.20 yuan, with a market capitalization of 8,064 million yuan [3]. - The company has a price-to-book ratio of 3.3 and a dividend yield of 3.02% [3]. Industry Trends - The demand for non-road wide-body dump trucks is expected to grow significantly, with the market size for electric wide-body dump trucks projected to increase from 1.7 billion yuan in 2023 to 11.2 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 45.7% [6][9]. - The report highlights that the transition to electric and unmanned mining trucks is becoming a necessity due to economic benefits and policy support, with the market for unmanned mining trucks expected to grow significantly in the coming years [6][9][49]. Company Overview - The company was established in 2005 and is recognized as the first in China to develop and manufacture non-road wide-body dump trucks, with a strong focus on research and development [6][14]. - The company has established partnerships with key players in the industry, such as Yikong Zhijia, to enhance its product offerings and market reach [6][14].

Policy Overview - In July 2025, a total of 84 energy storage-related policies were released or solicited for opinions, with 9 at the national level and 32 from local regions such as Sichuan, Shanxi, and Shanghai [3][4] - Among these, 58 policies were classified as very important, accounting for 69% of the total, with significant contributions from provinces like Sichuan and Shandong [3] National Policies - The National Development and Reform Commission and the State Administration for Market Regulation released a draft amendment to the Price Law, refining standards for identifying unfair pricing behaviors [4] - The Ministry of Commerce published a list of technologies restricted for export, including lithium iron phosphate battery preparation technology and lithium extraction technologies [4] - A notification was issued to support the construction of zero-carbon parks, with pilot projects recommended by local regions [6][4] Local Policies - The Xi'an Development and Reform Commission issued guidelines for the development of new energy storage power stations, planning to initiate three projects by 2025 [8] - The Hebei Development and Reform Commission released implementation rules for distributed photovoltaic power generation, allowing energy storage facilities to be integrated with local grids [10] - The Shandong Development and Reform Commission published a plan for zero-carbon park construction, promoting integrated projects for energy generation and storage [10] Pricing Policies - The Sichuan Power Trading Center outlined arrangements for user-side energy storage projects, allowing operators to negotiate revenue calculations [25] - The Hainan Development and Reform Commission proposed a market-oriented reform plan for renewable energy pricing, with specific price ranges for different types of projects [26] - Shanxi's plan for renewable energy pricing reform includes mechanisms for both existing and new projects, ensuring competitive pricing [26] Demand Response Policies - The Guizhou Energy Bureau introduced a demand response trading scheme, categorizing market participants and setting compensation price limits for peak shaving and valley filling [32] - The Sichuan Development and Reform Commission maintained a standard for active peak load response pricing [33] Green Electricity Trading Policies - The Qinghai Energy Bureau published a plan for green electricity direct connection projects, emphasizing self-consumption ratios and renewable energy utilization [35] - The Yunnan Development and Reform Commission outlined measures to enhance the capacity of connected projects through energy storage [35] Low-Carbon Development Policies - The Shandong Development and Reform Commission's zero-carbon park plan encourages the development of various energy storage technologies [38] - Notifications from Shanghai and Hubei support the establishment of national-level zero-carbon parks [38] Demonstration Project Policies - The Guizhou government listed 41 major projects related to energy storage, including 23 new energy storage power station projects with a total capacity of 2.65GW [40] - The Sichuan Development and Reform Commission's project list includes 27 energy storage projects totaling 3022.5MW [41]

Core Viewpoint - The integration of green development concepts into various sectors, including enterprise production, park construction, and daily transportation, aims to reduce resource consumption and environmental impact while enhancing development momentum and public welfare [1][4]. Group 1: Zero Carbon Parks - The concept of "zero carbon parks" refers to areas designed to minimize carbon emissions from production and living activities to near-zero levels, with the potential to achieve net-zero conditions [2]. - Zero carbon parks are significant platforms for industrial economic development and job creation, and they are major consumers of energy and carbon emitters [2]. - The core indicator for zero carbon park construction is "carbon emissions per unit of energy consumption," which measures energy utilization efficiency and environmental protection levels [2]. Group 2: Technological Support and Innovations - Achieving zero carbon production requires technological support, which can also foster new technologies and innovations [3]. - The "Energy Carbon Brain" platform developed by Longxin Technology in Wuxi integrates 3D twin and AI big data analysis for efficient energy utilization, resulting in annual carbon reductions equivalent to the CO2 absorption of over 1,000 acres of parkland [3]. - The Guangdong (Yangjiang) Green Energy Demonstration Industrial Park has developed the world's first 500 kV three-core submarine cable, saving 30% in sea area and reducing installation costs by 20% compared to traditional single-core solutions [3]. Group 3: Economic and Ecological Benefits - Promoting zero carbon parks and factories is a crucial strategy for achieving carbon neutrality, balancing resource reduction with economic growth [4]. - The Xiamen Comprehensive Bonded Zone in Fujian has introduced distributed photovoltaic projects, achieving self-sufficiency in green electricity and generating an annual profit of 4 million yuan from surplus electricity sales [4]. - The improved natural ecology in the Greater Khingan Mountains, following a logging ban, has attracted tourists and boosted the under-forest planting and breeding industry, demonstrating that economic benefits can be realized without deforestation [4]. Group 4: Broader Implementation of Zero Carbon Concepts - The zero carbon concept is being implemented in various regions, from zero carbon parks to cities and even rural areas, showcasing its practical application [4]. - The transition to green development is seen as a way to activate development momentum and enhance quality of life, with more successful stories emerging [4].

Core Insights - "China Green Port" is positioned as a key hub for green energy in Hangzhou, integrating wind power equipment, energy-efficient equipment, and future industries like solid-state batteries, aiming to create a trillion-level green energy ecosystem [1][3] - The zero-carbon demonstration park, Reeling SPACE, is the first private low-carbon industrial demonstration park in Zhejiang, utilizing distributed photovoltaics, energy-saving renovations, and carbon credits to achieve a 63.2% share of green energy and a 59% reduction in carbon emissions per industrial output [1][2] - By 2024, the total output value of green energy enterprises in Linping District is projected to reach 53.182 billion yuan, with long-term goals to establish it as a new landmark for green energy in China and achieve over 100 billion yuan in industrial output by 2030 [3] Project Highlights - The Reeling SPACE project is self-funded by Hangzhou Jieneng Technology Company, designed for easy replication and scalability, with a payback period of approximately six years [2] - The project emphasizes improving energy management systems and optimizing end-use efficiency to support the green and low-carbon transformation of industries, contributing to China's dual carbon goals [2] Future Goals - The Linping District aims to lead in green energy innovation with over 16 provincial-level R&D projects and more than 15 national-level green factories by 2030, establishing a comprehensive green energy industrial ecosystem [3]