资讯汇总 [table_Header]2025.09.23 【行业 ESG 周报】我国首个碳捕集领域国际标准发布，世界气象组 织报告警示全球水循环日益紊乱 产业研究中心 摘要： （3）中国碳中和发展力指数连续五年发布。作为全国首个以系统化、长 期化方式跟踪评估各省市碳中和战略进展的权威指数，自 2021 年首次发 布以来，该成果已连续五年向社会公布，全面呈现了我国在"双碳"战略 引领下经济社会广泛而深刻的系统性变革，也为"十四五"收官和"十五 五"开局阶段提供了重要参考。 | [Table_Authors] | 赵子健(分析师) | | --- | --- | | | 021-38032292 | | | zhaozijian@gtht.com | | 登记编号 | S0880520060003 | | | 王佳(分析师) | | | 010-83939781 | | | wangjia7@gtht.com | | 登记编号 | S0880524010001 | | | 蔡晨(分析师) | | | 021-38031023 | | | caichen@gtht.com | | 登记编号 | S08805250 ...

Group 1 - The core idea of the article emphasizes Shandong's commitment to the "Green Water and Green Mountains are Golden Mountains and Silver Mountains" philosophy, showcasing its efforts in ecological protection and high-quality development over the past 20 years [1][4] - Shandong has established 32 national ecological civilization construction demonstration zones and 11 innovation bases for the "Green Water and Green Mountains" practice, reflecting its extensive commitment to ecological initiatives [4] - The province is focusing on green transformation in key industries such as petrochemicals and steel, aiming for a low-carbon and high-quality development model [6][7] Group 2 - Shandong's energy structure is increasingly green, with plans to reduce coal power and enhance renewable energy sources, including a target of 115 million kilowatts of installed capacity for new energy and renewable energy by 2024 [6][7] - The average PM2.5 concentration in Shandong is projected to reach 35.5 micrograms per cubic meter in 2024, marking the best level since monitoring began, while the GDP is expected to grow by 5.7% [7] - The province is implementing innovative mechanisms to convert ecological value into economic benefits, such as the issuance of "forest tickets" in villages to stimulate local economies through eco-tourism and related industries [9][11]

近年来，我国绿色电力消费规模快速扩大，企业消费绿色电力的意愿不断增强。2025年1~7月，全国绿色电力 消费总量累计完成5977亿千瓦时，同比增长 42.69%，绿色电力消费规模持续增长。其中，绿电交易电量1817亿千瓦时，同比增长42.10%；绿证交易4.16亿个，对应电量4160亿千瓦时，同比增长 42.96%。 9月23日，在由中国电力企业联合会（以下简称"中电联"）举办的2025新型电力系统发展（崇礼）论坛上，中电联、北京电力交易中心、广州电力交易中 心、内蒙古电力交易中心、水电水利规划设计总院联合发布"2024年度中国绿色电力（绿证）消费TOP100企业名录"（以下简称"TOP100企业名录"）。其 中，近20家能源企业上榜，显示我国能源电力企业绿色电力（绿证）消费水平较高。 具体来看，名录前4名均由能源企业包揽；前10名中，能源企业占据7席。其中，国家能源投资集团有限责任公司、国家电力投资集团有限公司绿色电力 （绿证）消费水平最高，延续2023年的前二席位；地方能源企业浙江省能源集团有限公司、深圳能源集团股份有限公司跃升至第三、第四席位；中国石油 化工集团有限公司、中国石油天然气集团有限公司分别位 ...

Group 1 - The A-share market experienced a downward trend on September 23, with the China Securities Petrochemical Industry Index falling approximately 1.2%. Major stocks such as Jinhua Technology, Baofeng Energy, Yara International, and Tongcheng New Materials led the gains [1] - In 2023, to maintain reasonable industrial growth supporting the overall economy, the Ministry of Industry and Information Technology, along with multiple departments, launched a new round of ten key industries growth stabilization plan. The petrochemical industry is one of these key sectors, with a target of an average industrial added value growth rate of around 5% for 2023-2024 [1] - By 2024, the petrochemical and chemical industry (excluding oil and gas extraction) is expected to achieve a main business revenue of 15 trillion yuan, with ethylene production exceeding 50 million tons and fertilizer production (pure quantity) stabilizing around 5.5 million tons [1] Group 2 - The petrochemical ETF (159731) and its linked funds (017855/017856) closely track the China Securities Petrochemical Industry Index. According to the Shenwan secondary industry classification, the top three sectors in the index are refining and trading (27.12%), chemical products (23.87%), and agricultural chemical products (19.75%), which are expected to benefit from policies aimed at reducing competition, restructuring, and eliminating outdated production capacity [2]

Report Information - Report Title: Yongan Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [2] - Report Date: September 23, 2025 [2] Core Data Summary BR (Butadiene Rubber) - **Futures Data**: On September 22, the closing price of the main contract was 11,505, up 60 from the previous day and down 200 week - on - week; the open interest was 70,306, down 4,953 from the previous day and up 51,521 week - on - week; the trading volume was 95,866, up 1,305 from the previous day and up 59,284 week - on - week; the warrant quantity was 9,190, down 1,040 from the previous day and down 4,480 week - on - week; the virtual - to - real ratio was 38.25; the butadiene rubber basis was 45, down 110 from the previous day and up 50 week - on - week; the butadiene rubber basis (two major oil companies) was 195, down 60 from the previous day and unchanged week - on - week [3]. - **Spot Data**: The Shandong market price was 11,550, down 50 from the previous day and down 150 week - on - week; the Transfar market price was 11,450, unchanged from the previous day and down 100 week - on - week; the Qilu ex - factory price was 11,700, unchanged from the previous day and down 200 week - on - week; CFR Northeast Asia was 1,525, unchanged from the previous day and unchanged week - on - week; CFR Southeast Asia was 1,700, unchanged from the previous day and unchanged week - on - week [3]. - **Profit Data**: The spot processing profit was - 238, up 52 from the previous day and down 150 week - on - week; the futures processing profit was - 283, up 162 from the previous day and down 200 week - on - week; the import profit was - 83,031, down 54 from the previous day and up 1,520 week - on - week; the export profit was 155, up 44 from the previous day and up 124 week - on - week [3]. BD (Butadiene) - **Price Data**: The Shandong market price was 9,400, down 100 from the previous day and unchanged week - on - week; the Jiangsu market price was 9,200, unchanged from the previous day and down 50 week - on - week; the Yangzi ex - factory price was 9,150, down 100 from the previous day and down 100 week - on - week; CFR China was 1,060, down 10 from the previous day and down 30 week - on - week [3]. - **Profit Data**: The carbon four extraction profit was N/A; the butene oxidative dehydrogenation profit was 196, up 90 from the previous day and up 110 week - on - week; the import profit was 527, up 80 from the previous day and up 197 week - on - week; the export profit was - 896, unchanged from the previous day and up 110 week - on - week [3]. Downstream Products - The butadiene rubber production profit was - 283, up 162 from the previous day and down 200 week - on - week; the styrene - butadiene rubber production profit was 1,063, up 100 from the previous day and down 50 week - on - week; the ABS production profit was N/A; the SBS production profit (791 - H) was 955, up 70 from the previous day and up 130 week - on - week [3]. Price Spreads - **Inter - variety Spreads**: RU - BR was - 54,691, up 5,033 from the previous day and down 51,901 week - on - week; NR - BR was - 57,881, up 5,078 from the previous day and down 51,806 week - on - week; Thai mixed - butadiene rubber was 3,300, up 170 from the previous day and down 150 week - on - week; 3L - styrene - butadiene rubber was 3,100, up 50 from the previous day and unchanged week - on - week [3]. - **Intra - variety Spreads**: The butadiene rubber standard - non - standard price spread was 150, down 50 from the previous day and down 50 week - on - week; the styrene - butadiene 1502 - 1712 spread was 1,000, unchanged from the previous day and unchanged week - on - week [3].

Core Viewpoint - The article highlights the significant decline in South Korea's exports in September due to the impact of U.S. tariffs, raising concerns for the trade-dependent South Korean economy [2][4]. Export Performance - South Korea's exports for the first 20 days of September fell by 10.6% year-on-year, while the adjusted export figure for August showed a growth of 6% [2]. - Unadjusted export figures for September indicated a growth of 13.5%, with total imports increasing by 9.9%, resulting in a trade surplus of $1.89 billion [2]. Sector Analysis - Semiconductor exports, a key driver for this year's exports, grew by 27%, continuing the 30% increase seen in August, while automotive exports rose by approximately 15% [4]. - However, petrochemical products are facing challenges due to tariffs and weak global demand [4]. Tariff Impact - The implementation of a 15% general tariff by the U.S. on South Korean goods has created difficulties for exporters, despite smartphones and laptops remaining unaffected [4]. - There is a looming threat of expanded tariffs on semiconductors, as indicated by warnings from former President Trump [4]. Market Sentiment - The uncertainty surrounding trade relations has dampened market sentiment, exacerbated by recent immigration enforcement actions that led to the detention of over 300 South Korean workers in Georgia [4].

Group 1 - South Korea's exports saw a significant decline in September, with a year-on-year decrease of 10.6% for the first 20 days, raising concerns for the trade-dependent economy [1] - In contrast, the overall import value increased by 9.9%, resulting in a trade surplus of $1.89 billion [1] - Semiconductor exports, a key driver for this year's exports, grew by 27%, following a 30% increase in August, while automotive exports rose by approximately 15% [4] Group 2 - The imposition of a 15% general tariff by the U.S. on South Korean goods has created challenges for exporters, particularly affecting petrochemical products due to weak global demand [4] - Despite the tariffs, smartphones and laptops remain unaffected, although there are warnings that tariffs may extend to semiconductors [4] - The uncertainty in the market is exacerbated by recent diplomatic tensions following the detention of over 300 South Korean workers at a battery plant in Georgia, complicating trade negotiations between Seoul and Washington [4]

当下如何看港股红利资产 20250921 摘要 港股红利资产企业多为成熟期企业，财务结构稳健，依赖内生融资，净 负债与 EBITDA 比值及资本开支与折旧摊销比值较低，扩张意愿不强。 港股红利资产成分构成与 A 股存在差异，除银行等金融板块外，还包括 三大运营商、商业地产等独特资产，为投资者提供了更多选择。 港股红利资产整体估值低于 A 股，现金分红比例更高，在银行、石化、 煤炭等行业中，港股的 PE、PB 均相对更低，具备估值优势。 港股拥有更多高息个股，以 5%股息率为例，高息个股在港股中的占比 接近 40%，而 A 股仅为 16%，为追求稳定收益的投资者提供了更多机 会。 在弱势市场环境下，港股红利资产具有防御属性，市场由强转弱时，恒 生高息率指数获得正超额收益的概率较高，例如在港股市场大跌环境下， 该指数获得正超额收益的概率超过 82%。 港股红利资产对美债利率更为敏感，在美债利率下行阶段，高股息率的 港股红利资产可能被视为美债替代品，上涨弹性相对于 A 股更大。 当前市场震荡波动加大，国内基本面修复仍有波折，港股红利资产性价 比相对 A 股更高，且随着岁末年初临近及海外流动性转向，港股红利资 产有望 ...

Group 1 - The petrochemical industry continues to adjust, with ongoing attention to the progress of eliminating outdated facilities and upgrading [1] - The oil and petrochemical index fell by 1.99% this week, while the best-performing segment was oil product sales and storage, which only declined by 0.46% [1] - Crude oil prices decreased, with an increase in US crude oil inventories and a reduction in gasoline inventories [1] Group 2 - Polyester filament prices and price spreads have decreased, with an increase in inventory days for polyester filament in Jiangsu and Zhejiang, and a decline in weaving machine operating rates [1] - The sample prices of polyolefins remained stable, with inventory depletion observed [1] - If demand improves and there is progress in eliminating backward production capacity, it would be beneficial for the midstream refining sector [2]

来源：格隆汇APP 国泰海通研报称，红利资产的本质是业绩稳定、现金流可持续的优质公司，能够为投资者提供稳定的高 股息回报，因此红利资产具备更高的股息率水平、可持续的稳定现金流、更稳健的财务结构、维持性的 资本开支。若对比两地红利资产看，港股性价比相对更高，第一，港股现金分红比例高于A股，2017- 2024年全部港股现金分红比例均值为44%，明显高于A股的36%；第二，相较A股，港股股息率优势明 显，港股恒生综合指数股息率为2.9%，高于万得全A指数的1.9%；第三，港股红利资产估值水平相对更 低，恒生高股息率R指数PE、PB分别为7.2倍、0.6倍（下同），均低于中证红利全收益指数7.9倍、0.8 倍；第四，港股高股息资产占比更高，行业分布更多样，A股中仅银行、石化等行业高股息资产较多， 而港股红利资产的行业选择更为多样。 ...