Core Viewpoint - CIMC's stock prices have seen significant increases, with A-shares rising over 7.5% and H-shares over 6%, indicating strong market confidence in the company's future performance [1] Company Performance - As of June 2025, CIMC's marine engineering segment holds approximately $5.55 billion in orders, with production scheduled through 2027/2028, suggesting robust revenue and profit growth potential for the year 2025 [1] - The company anticipates maintaining a strong growth trend in revenue and profit due to high order backlog and efficient delivery [1] Industry Impact - A recent project in Liaoning, China, marks the country's first 100% conversion of coke oven gas, developed by CIMC's subsidiary CIMC Anrui and Ansteel Group's Ansteel Energy Technology [1] - This project aims to convert steel plant waste gas into liquefied natural gas, liquid ammonia, and hydrogen, potentially reducing carbon dioxide emissions by approximately 45 million tons annually for the steel industry [1]

西班牙工业与旅游部特派代表哈伊梅·培里思表示，在清洁能源领域，西班牙和中国有着共同的发展理 念，本次论坛的举行体现了在全球经济关键期，两国进一步加强务实合作，用好互补优势，深挖合作潜 力，对未来全球能源转型做出的坚定承诺。 （文章来源：人民日报） 由西班牙中国商会主办、绿色能源委员会牵头组织的首届中西绿色能源论坛25日在马德里举行。本次论 坛汇聚了来自两国政府机构、行业组织及能源领域企业的300位嘉宾，共同探讨绿色能源发展的未来方 向与合作机遇。 中国驻西班牙大使姚敬表示，中西在包括储能、电动汽车、氢能源的转化和相关基础设施建设等领域的 交流与合作，都取得了长足的发展。希望更多中国企业到西班牙开展投资合作，也欢迎西班牙企业去中 国开拓商机。 ...

Core Insights - The clean heating project in Yuexi County is the first of its kind in Daliang Mountain, aimed at improving living conditions for over 40,000 residents, including more than 100 students at a special education school [1][4] - The project is part of a broader initiative to enhance people's livelihoods and promote green development, aligning with the goals set by the 20th Central Committee of the Communist Party of China [1][4] Project Overview - The clean heating project is expected to begin operations soon, with full completion anticipated by 2026, benefiting multiple schools including Yuexi Middle School [2] - The heating system utilizes air-source heat pumps to extract low-temperature heat from the air, heating circulating water to 45 degrees Celsius for indoor distribution [2][3] - The project encompasses the renovation of heating systems in 148 buildings, covering a total area of 360,000 square meters in Yuexi County [3] Technological Features - The heating system is designed to operate efficiently in temperatures ranging from -15 to 45 degrees Celsius, featuring smart temperature control, water-electric separation, and a lifespan of over 15 years [3] - The project reflects a commitment to sustainable energy solutions, contributing to the development of a clean energy industry in Sichuan [4]

董事会认为，第二次资产支持商业票据发行事项可令本集团的集资渠道多元化，从而用于改善本集团的 融资结构并提升其营运活动及投资。其亦使本集团能够实现减少应收账款结余及优化本集团资产负债率 的目标。董事认为，为第二次资产支持商业票据发行事项进行的出售事项，将加快本集团资产的整体周 转。此外，通过此项安排拟进行的转让基础资产将加快回收本集团的应收账款。 京能清洁能源(00579)发布公告，于2025年11月24日，本公司与华润信托订立信托合同，据此(其中包 括)，本公司已有条件同意将基础资产委托予华润信托以成立信托、发行资产支持商业票据以及管理、 使用及处置信托财产，而华润信托已有条件同意为受益人的利益就第二次资产支持商业票据发行事项担 任信托的受托人及管理机构。 基础资产指(i)应收补贴的所有权利、权益、利益及收益(现在及未来、现有及或有);(ii)应收补贴应占的 所有到期或即将到期的收回款项;(iii)转让、出售、拍卖、变卖或以其他方式处置应收补贴的全部所得款 项;(iv)请求、起诉、收回或接受有关应收补贴的所有应付款项之权利;及(v)来自应收补贴的利益以及有 关强制执行应收补贴的全部权利和法律救济。 董事认为， ...

Core Insights - The article highlights the significant role of financial support in promoting the development of specialty industries in Ningxia, particularly focusing on wine, goji berries, and beef cattle, which are integral to the region's economic growth and ecological restoration [1][19]. Group 1: Wine Industry - Ningxia's Helan Mountain region is recognized as a "golden zone" for grape cultivation due to its favorable climate and soil conditions, leading to the production of award-winning wines [2][3]. - Financial institutions, particularly Ningxia Bank, have provided crucial funding to wineries like Lilan Winery, enabling them to grow from barren land to flourishing vineyards, with loans totaling 9 million yuan for operational needs [3][6]. - The establishment of a long-term financing service mechanism for small and micro enterprises in the wine sector has been initiated to support the growth of the industry [3][4]. Group 2: Goji Berry Industry - Goji berries are a key driver of rural economic growth in Ningxia, with the region's unique conditions producing high-quality berries, particularly from Zhongning County [9][10]. - The financial sector has been actively involved in enhancing the supply chain for goji berries, with initiatives aimed at improving financial services for the entire industry, including the establishment of a supply chain financial support system [9][10]. - The goji berry industry has seen significant growth, with 40 leading enterprises and 36,600 farmers forming a community of interests, contributing to the local economy [9][10]. Group 3: Beef Cattle Industry - The beef cattle industry in Ningxia is evolving through a model that integrates leading enterprises, cooperatives, and farmers, enhancing the value chain and promoting high-quality development [17][18]. - Companies like Rongqiao Fenglin have established comprehensive ecosystems for beef production, providing support to farmers from breeding to market [18][19]. - Financial backing has been essential for the growth of the beef cattle sector, facilitating the establishment of sustainable farming practices and improving the livelihoods of local farmers [17][19]. Group 4: Clean Energy and Data Centers - Ningxia is developing as a hub for cloud computing and data centers, with significant investments in clean energy to support the growing energy demands of these facilities [13][14]. - The region's renewable energy capacity reached 41.32 million kilowatts by the end of 2024, with financial institutions like the National Development Bank providing substantial loans to support clean energy projects [14][16]. - Innovative financing mechanisms are being implemented to ensure the stability of energy supply for data centers, contributing to the region's digital economy [14][16].

Core Insights - The fourth forum on sustainable development for listed companies highlighted the importance of building a competitive clean energy development path through consensus and system thinking [1][4] Group 1: Leadership and Ecosystem Coordination - The key leadership quality for activating and coordinating a large ecosystem is the ability to build consensus and create shared value among diverse stakeholders [3] - The role of a leader includes being a "translator" and "connector" to facilitate effective communication and collaboration among government, industry, academia, and financial institutions [3][4] Group 2: International Experience and Local Adaptation - Successful integration of international advanced concepts and technologies into local practices is crucial, emphasizing that while technology can be imported, business models must be localized [5] - The "system optimization" concept has proven effective in Inner Mongolia, focusing on maximizing the efficiency of the entire energy system rather than individual equipment [5][6] Group 3: China's Competitive Advantages in Clean Energy - China possesses a complete and cost-competitive photovoltaic manufacturing supply chain, along with advanced ultra-high voltage transmission technology, which addresses the global challenge of clean energy transmission [6] - The exploration of large-scale "photovoltaic+" applications demonstrates China's unique advantages in combining energy projects with ecological restoration and industrial collaboration [6][7]

Group 1 - The core viewpoint of the article emphasizes the rapid development of green new professions characterized by "low carbon, environmental protection, and circular economy" during the "14th Five-Year Plan" period in China [2] - China has established the world's largest clean energy system, leading to the emergence of new professions such as energy storage station operation and maintenance administrators, and wind farm blade maintenance workers [2] - The widespread application of hydrogen fuel cells in transportation and power generation has also given rise to more specialized new professions [2] Group 2 - The concept of low-carbon and environmental protection has permeated various aspects of life, resulting in a significant number of composite talents engaging in green service positions [2] - Utilizing low-carbon building smart management platforms, building energy-saving and emission reduction consultants can control over 600 air conditioning units in an office building via mobile devices, achieving a 20% reduction in carbon emissions annually [2] - Leveraging technologies such as the Internet of Things and big data, power aggregation operators can consolidate dispersed urban power resources into a "virtual power plant" for real-time optimization, reducing air conditioning load by over 10% during peak usage without affecting user comfort [2] Group 3 - During the "14th Five-Year Plan" period, the Ministry of Human Resources and Social Security identified 137 green professions covering key areas such as energy conservation and environmental protection, clean energy, and green services [3]

Investment Rating - The report indicates a positive investment outlook for sectors aligned with the "14th Five-Year Plan," highlighting a focus on emerging industries with significant policy support [1][5][6]. Core Insights - The report emphasizes that active investment strategies outperform passive ones, with the past decade's performance of the Chinese Embassy Index at an annualized return of only 2.2%, significantly lower than GDP growth [1][3]. - Emerging industries supported by the Five-Year Plan have yielded an average return of 40% over the past five years, surpassing the CSI 300 Index, which remained flat during the same period [3][5]. - The report identifies 35 sub-industries with a total market capitalization of $13 trillion as investment targets under the "14th Five-Year Plan," based on a detailed analysis of 400 policy-related statements [5][6]. Summary by Sections Investment Strategy - A flagship investment portfolio has been constructed, consisting of 50 stocks across 21 sectors, including artificial intelligence, advanced manufacturing, and clean energy, with a growth of 36% over the past year, outperforming the MSCI China Index by 13 percentage points [1][6][8]. - The selection criteria for stocks include growth expectations of over 20% in sales or earnings within two years, a PEG ratio below 2.5, and a focus on high-quality companies [6][7]. Market Opportunities - The report highlights that the Asian market is more susceptible to policy support, with a focus on small to medium-sized tech hardware and semiconductor companies in the onshore market, while offshore markets are directed towards large internet companies and undervalued firms [7][8]. - Domestic consumption is a key priority in the Five-Year Plan, with significant potential in sectors like tourism, entertainment, and new consumption themes, which are expected to benefit from policy backing [9][10]. Policy Impact - The inclusion of anti-pollution measures in the Five-Year Plan is projected to enhance corporate earnings by approximately 1.5% over the next five years, particularly benefiting heavily impacted sectors such as chemicals and metals [11][12]. - The report suggests that the next significant policy clarity will emerge during the March meetings, which will be crucial for adjusting investment strategies [12].

Group 1 - The "Hualong One" Unit 2 in Zhangzhou, Fujian, has successfully connected to the grid, marking a significant advancement in the mass construction of the "Hualong One" nuclear power project [1] - The Zhangzhou nuclear power plant is planned to have 6 "Hualong One" units, with Units 1 and 2 already completed [3] - Once fully operational, the plant is expected to provide over 60 billion kilowatt-hours of clean electricity annually, meeting 75% of the total electricity consumption of Xiamen and Zhangzhou in southern Fujian [3] Group 2 - As of November 22, the "Global Energy Transition Report (2025)" indicates that China has established the largest and most complete clean energy industry chain in the world [4] - The proportion of coal-fired power generation in China has been continuously declining in recent years [4]

Group 1: Clean Energy Industry - China has established the world's largest and most complete clean energy industry chain, with a total investment of $818 billion in energy transition in 2023, a 20% increase year-on-year, surpassing the combined investments of the US, UK, and EU [2] - In 2024, global CO2 emissions related to energy are projected to increase by 0.8% year-on-year, reaching a historical high of 3.78 billion tons, highlighting the urgency for energy transition [2] - China exports clean energy products to over 200 countries, providing 70% of global wind power equipment and 80% of solar photovoltaic components, significantly reducing global wind and solar power generation costs by over 60% and 80% respectively [2] Group 2: Electricity Consumption - In October, China's total electricity consumption reached 857.2 billion kWh, a year-on-year increase of 10.4%, with a cumulative consumption of 8,624.6 billion kWh from January to October, up 5.1% [3] - The southern power grid region (Guangdong, Guangxi, Yunnan, Guizhou, Hainan) achieved a 10% year-on-year increase in electricity consumption in October, marking the first double-digit growth since February [4] Group 3: Nuclear Energy Developments - The world's largest "Hualong One" nuclear power base in Fujian successfully connected its second unit to the grid, marking significant progress in the batch construction of "Hualong One" [3] - China's nuclear energy utilization has entered a new phase with the Hainan nuclear power project beginning to supply industrial steam, expanding beyond electricity generation and residential heating [4] - Japan's Niigata Prefecture governor has agreed to restart the Kashiwazaki-Kariwa nuclear power plant, which has been offline since the Fukushima disaster in 2011, indicating a shift in Japan's nuclear energy policy [6] Group 4: Infrastructure and Logistics - China's longest crude oil pipeline, the Western Crude Oil Pipeline, has transported over 200 million tons of oil, enhancing national energy security [3] - The Gansu power grid's energy storage system achieved a record discharge power of 5.04 million kW, supporting electricity supply during peak demand [7]