当"反内卷"遇上ESG，谁在绿色赛道上领跑？ 2025年8月16日，由南方财经全媒体集团指导、21世纪经济报道主办的第三届21世纪"活力·ESG"创新论 坛将在上海隆重举办！今年最终入围案例将被纳入《21世纪"活力·ESG"实践案例集锦（2025）》，于 本次论坛上公布。 本次论坛还将围绕能源发展、绿色消费展开两场深度思辨，看传统能源企业如何通 过数字化改造提升能效，新能源企业如何应对技术路线不确定性，"链主"企业如何带动供应链上的企业 进行绿色转型升级。 洞见ESG七月刊：全国碳市场开启四周年 2025年7月，全国碳排放权交易市场启动运行4周年。市场累计成交金额超460亿元，钢铁、水泥、铝冶 炼行业正式纳入，全国温室气体自愿减排交易市场也于今年启动交易，首批核证自愿减排量（CCER） 正式签发。作为我国应对气候变化的市场机制，碳市场下一步如何发展？ 贵州茅台（600519）：MSCI ESG评级升至A级 7月31日，贵州茅台在MSCI的ESG评级已升为A级别，ESG总评排名白酒行业首位。贵州茅台也是唯一 获得A级的中国白酒企业，其余酒企评级依次为水井坊BBB级，泸州老窖、洋河股份、山西汾酒为BB 级、古井贡 ...

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating in the given content. 2. Core Viewpoints of the Report - The economic growth rate of Shaanxi Province is above the national average, but its fiscal revenue is under pressure, and there is significant differentiation among cities. The debt burden is at a medium level in the country, and the debt structure is expected to gradually optimize in the future [1]. - The scale and cost of Shaanxi's existing urban investment bonds are at a medium - upper level in the country. The credit quality of the bonds is good, mainly short - to medium - term, and the financing cost is expected to decline [1]. - In the first half of 2025, the issuance of Shaanxi's urban investment bonds showed the characteristics of "stable total volume and negative net financing". The financing end will maintain a tight balance, and the incremental financing space may open up in the future [1]. - The overall debt repayment pressure of Shaanxi's urban investment bonds shows a downward trend in steps, but attention should be paid to the credit risk of some platforms in the third quarter of 2025 [2]. - The secondary market trading activity of Shaanxi's urban investment bonds has room for improvement. The yield has been declining, and the credit spread has been narrowing. It is recommended to be cautious when sinking the credit rating [2]. 3. Summary by Relevant Catalogs 3.1 Shaanxi Province Overview 3.1.1 Economic and Fiscal Perspective - In 2024, Shaanxi's GDP was about 3.55 trillion yuan, with a year - on - year growth rate of 5.30%, higher than the national average. Its per capita GDP was 89,915 yuan, a year - on - year increase of 5.23% [9]. - The general public budget revenue in 2024 was 339.308 billion yuan, ranking 15th in the country, a year - on - year decrease of 1.30%. The budget expenditure increased slightly, and the fiscal self - sufficiency rate decreased by 1.41 pct to 46.50% [14]. - There is significant differentiation in the fiscal strength of cities in Shaanxi. Xi'an has a leading position in fiscal revenue and expenditure, while the fiscal self - sufficiency rates of some cities are less than 25% [20]. - Tax revenue accounts for a relatively high proportion of Shaanxi's general public budget revenue, reaching 93.75% in 2024, but showing a downward trend [26]. 3.1.2 Industrial Layout Perspective - The proportion of the tertiary industry in Shaanxi has gradually exceeded 45% in the past 7 years, while the proportion of the secondary industry has slightly decreased, and the proportion of the primary industry is less than 8%. The economic structure is accelerating its transformation towards a service - led model [32]. - Shaanxi has introduced a series of policies to promote the development of emerging industries, such as the development of the low - altitude manufacturing industry and the digital economy [33]. 3.2 Current Situation of Existing Urban Investment Bonds and Urban Investment Entities in Shaanxi Province 3.2.1 Review of the Changes and Development of Shaanxi's Urban Investment Bonds - The development of urban investment financing in Shaanxi can be traced back to 1992. After several stages of development, the number of urban investment platforms has increased, and debt management has been continuously strengthened [39]. - Since 2018, Shaanxi's debt ratio has shown an upward trend, and the local debt burden has increased. However, the "controlling increment and resolving stock" of urban investment bonds has been effective, and the urban investment debt ratio has decreased in recent years [45]. 3.2.2 Focus on the Current Structure of Existing Bonds - As of July 15, 2025, the balance of Shaanxi's existing urban investment bonds was about 232.748 billion yuan, ranking 12th in the country, and the weighted average coupon rate was about 4.14%, ranking 10th [54]. - In terms of credit rating, AAA and AA+ - rated bonds account for a relatively high proportion. The remaining maturity of bonds is mainly concentrated in the 1 - 3 - year interval, and the bond types are mainly corporate bonds [55]. 3.2.3 Focus on the Current Situation of Urban Investment Entities - As of July 15, 2025, there were 75 urban investment entities in Shaanxi, with 55 having existing bonds. The bond - issuing entities are mainly high - rated municipal and development zone urban investment platforms [63]. - There are 5 urban investment entities with a bond balance of over 10 billion yuan, all with AA+ or above ratings. Xi'an High - tech Holdings Co., Ltd. has the largest balance of existing urban investment bonds [67]. 3.3 Issuance Situation of Shaanxi's Urban Investment Bonds in the Primary Market in the First Half of 2025 - In the first half of 2025, Shaanxi issued urban investment bonds worth 55.725 billion yuan, ranking 12th in the country, and the cumulative net financing was - 109 million yuan. The issuance showed the characteristics of "stable total volume and negative net financing" [69]. - The average coupon rate of bond issuance in the first half of 2025 was 3.01%, significantly lower than the existing coupon rate. It is expected that the financing cost will continue to decline [70]. - In terms of issuance structure, the issuance scale of AAA - rated entities accounted for more than half. The issuance term was mainly 3 - 5 years, and the bond types were mainly corporate bonds and medium - term notes [74]. 3.4 Debt Repayment Situation of Shaanxi's Urban Investment Bonds in the Next 3 Years - The overall debt repayment pressure of Shaanxi's urban investment bonds shows a downward trend in steps, but attention should be paid to the credit risk of some platforms in the third quarter of 2025 [2]. - The overall debt repayment structure is consistent with the structure of existing bonds, mainly corporate bonds and AAA - rated bonds [2]. 3.5 Secondary Market Transaction and Yield Performance of Shaanxi's Urban Investment Bonds - In the first half of 2025, the secondary market trading volume was about 9.5107 billion yuan, and the turnover rate was 62.14%, lower than the national average. The trading activity has room for improvement [2]. - From July 2018 to July 2025, the yield of Shaanxi's urban investment bonds showed a fluctuating downward trend, and the credit spread has narrowed significantly [2]. - The market's expectation of the credit risk of Shaanxi's urban investment bonds has improved, but it is recommended to be cautious when sinking the credit rating [2].

Group 1: Industrial Development in Zunyi - Zunyi is focusing on industrial growth as a fundamental aspect of its economic development, with a 4.2% increase in industrial added value in the first half of the year [1] - The city is implementing policies to support the high-quality development of the liquor industry while also promoting the growth of non-liquor sectors such as non-ferrous metals, fluorine-barium chemicals, new energy, equipment manufacturing, and green food [1] - The establishment of the China-Europe Fluorine Electronic Materials Co., which has begun trial production, marks progress in the fluorine-barium chemical industry, producing high-value fluorine fine chemical products [1] Group 2: Specific Industry Developments - The Guizhou Tianqing New Materials Technology Co. is being developed in the fluorine-barium new materials park, with planned production capacities of 80,000 tons/year for aluminum fluoride and 60,000 tons/year for anhydrous hydrogen fluoride [2] - Zunyi is increasing bauxite mining efforts and aims for a non-ferrous metal industry output value of 19 billion yuan in the first three quarters [2] - The city is advancing the equipment manufacturing sector by promoting 22 standard products from key enterprises to enter the China Commercial Aircraft Corporation's qualified product catalog [2] Group 3: New Energy and Green Food Industries - Zunyi is actively exploring shale gas and coalbed methane, targeting a coal output of 5.6 million tons and shale gas production of 270 million cubic meters in the first three quarters, with a new energy industry output value of 24.5 billion yuan [2] - The city is also promoting deep processing of specialty agricultural products like chili and tea, aiming for a green food industry output value of 13 billion yuan in the first three quarters [3]

Group 1 - The core viewpoint of the articles highlights the steady growth of national enterprise sales revenue in the first half of the year, driven by various positive factors [1] - Manufacturing industry sales revenue growth outpaced the overall national enterprise growth by 1.5 percentage points, supported by tax incentives and policies [1] - High-tech industries saw a significant sales revenue increase of 14.3% year-on-year, indicating the continuous expansion of innovative sectors [1] - The digital economy's core industry sales revenue grew by 10.1%, reflecting the accelerated integration of digital and real economies [1] - The "Two New" policies have shown clear effectiveness, with machinery equipment purchases increasing by 11.1% year-on-year [1] - Retail sales of home appliances, such as televisions and refrigerators, surged by 45.3% and 56.6% respectively, driven by consumer demand [1] Group 2 - The construction of a unified national market is progressing steadily, with inter-provincial sales accounting for 40.7% of national enterprise sales revenue, an increase of 0.6 percentage points from the previous year [2]

Group 1 - The core viewpoint of the article highlights that the sales revenue of enterprises in China has shown steady growth in the first half of the year, with the manufacturing sector leading this trend [1] - The sales revenue growth rate of the manufacturing industry is 1.5 percentage points faster than the overall sales revenue growth rate of enterprises, indicating its crucial role in stabilizing economic growth [1] - High-tech industries experienced a significant sales revenue increase of 14.3% year-on-year, reflecting a robust growth trajectory [1] Group 2 - The sales revenue of the equipment manufacturing and high-tech manufacturing sectors grew by 8.9% and 11.9% year-on-year, respectively, demonstrating the steady advancement of manufacturing "upgrading" [1] - The digital economy's core industries saw a sales revenue increase of 10.1%, while the amount spent by enterprises on digital technology procurement rose by 9.9%, indicating a continuous acceleration in the digitalization process [1] - The procurement of machinery and equipment by enterprises increased by 11.1% year-on-year, supported by large-scale equipment renewal policies [1] Group 3 - Consumer demand has been rapidly released, with retail sales of home audio-visual equipment like televisions and daily appliances like refrigerators increasing by 45.3% and 56.6% year-on-year, respectively [1] - Retail sales of furniture related to home decoration grew by 34% year-on-year, while retail sales of communication devices such as mobile phones increased by 25.4% [1]

Group 1 - China Railway Industry has experienced a decline for seven consecutive trading days, with a cumulative drop of -18.35% [1] - China Railway High-tech Industry Co., Ltd. is a subsidiary of China Railway Group Limited, listed on the A-share market (SH.600528), and operates various subsidiaries covering tunnel excavation equipment, railway turnouts, steel bridges, railway construction machinery, and more [1] - The company holds a leading market share and comprehensive strength in its main business globally [1] Group 2 - Southern Fund's Southern CSI 500 ETF is among the top ten shareholders of China Railway Industry and has reduced its holdings in the first quarter of this year [1] - The fund has achieved a year-to-date return of 10.67%, ranking 961 out of 2658 in its category [2][4]

记者从内蒙古自治区工信厅获悉，今年上半年，全区制造业实现回升向好，增加值同比增长10.4%，较 上月回升1.3个百分点，高于全国平均水平3.4个百分点，高于全区规上工业增速3.3个百分点，成为全区 工业经济增长的主要支撑。 围绕构建现代化产业体系，自治区把推动制造业高端化智能化绿色化发展作为主攻方向，加快推进先进 制造业产业集群和重点产业链建设，为经济高质量发展筑基蓄力。一方面，持续实施先进制造业集群梯 度培育工程，高标准、高水平建设呼和浩特乳制品集群、包头稀土新材料集群、鄂尔多斯现代煤化工集 群，培优做大铝基新材料、先进合金材料、晶硅光伏材料、风电装备、精细化工、绿色智算、生物医药 等特色产业集群。另一方面，全面加强制造业重点产业链建设，组织开展重点产业延链补链强链行 动，"一链一策"统筹推进技术研发、生产制造、应用推广、优质企业培育，提升产业链上下游协作配 套、规模化发展水平。（记者 康丽娜） 重点产品产量稳定增长。40种主要工业产品中产量实现同比增长的有28种，占比达70%，产量实现两位 数增长的有13种。其中，风力发电机组产量增长85%，多晶硅增长58.2%，甲醇增长51.4%，单晶硅增长 35.2% ...

Group 1 - The sales revenue of high-tech industries in Henan Province increased by 18% year-on-year in the first half of the year, indicating a strong growth in innovative industries [1] - The sales revenue of the manufacturing sector in Henan Province grew by 4.3% year-on-year, with specific increases in equipment manufacturing (10.8%), digital product manufacturing (24.8%), and high-tech manufacturing (25.7%) [1] - Zhengzhou Peak Tai Nano Materials Co., Ltd. reported a significant increase in R&D investment, benefiting from tailored tax policies that encourage innovation and investment [1] Group 2 - The sales of aerogel by Gongyi Fanrui Yihui Composite Materials Co., Ltd. reached 144 million yuan, a year-on-year increase of 48.81%, making it a major supplier for new energy battery companies like CATL and BYD [1] - The data from value-added tax invoices reflects the macroeconomic performance and the effectiveness of macro policies in fostering innovation and new productive forces in the province [2]

Group 1 - The core viewpoint of the articles highlights the steady growth of national enterprise sales revenue in the first half of the year, driven by various positive factors [1][2] Group 2 - Manufacturing industry shows stable quality improvement, with sales revenue growth rate 1.5 percentage points faster than the overall national enterprise growth rate; high-end manufacturing is progressing steadily, with equipment manufacturing and high-tech manufacturing sales revenue increasing by 8.9% and 11.9% year-on-year respectively [1] - New productive forces are being cultivated rapidly, with high-tech industry sales revenue growing by 14.3% year-on-year, indicating the continuous expansion of innovative industries; the integration of digital economy and real economy is accelerating, with digital economy core industry sales revenue increasing by 10.1% and enterprise procurement of digital technology rising by 9.9% year-on-year [1] - The effectiveness of "two new" policies is evident, with national enterprise machinery equipment procurement amount increasing by 11.1% year-on-year; consumer demand is being released more quickly, with retail sales of home audio-visual equipment and daily appliances increasing by 45.3% and 56.6% respectively, and furniture retail growing by 34% year-on-year [1] - The construction of a unified national market is progressing steadily, with inter-provincial sales accounting for 40.7% of national enterprise sales revenue, an increase of 0.6 percentage points compared to the same period last year, reflecting deepening inter-provincial trade connections [2]

华明装备（SZ 002270，收盘价：17.6元）8月4日晚间发布公告称，截至2025年7月31日，公司通过股份 回购专用证券账户以集中竞价交易方式回购公司股份约1382万股，占公司目前总股本的1.5421%，最高 成交价为17.8元/股，最低成交价为14.74元/股，成交总金额为人民币约2.21亿元。 2024年1至12月份，华明装备的营业收入构成为：装备制造占比85.53%，电力工程占比12.36%，其他占 比2.11%。 （文章来源：每日经济新闻） ...