为...融资 英国 工业转型 02 为英国工业转型融资 关于法国巴黎银行 欧洲银行业和金融服务领域的领导者，BN P Paribas 在 64 个国家运营，拥有近 178, 000 名员工，其中超过 144,000 名在欧洲 。该集团在其三大业务领域占据关键地位： 商业、个人银行及为集团商业和个人银行以 及包括 BNP Paribas 个人金融和 Arval 在 内的多个专业业务提供服务；投资与保护服 务，提供储蓄、投资和保护解决方案；以及 公司及机构银行业务，专注于公司和企业客 户。基于其强大、多元化、一体化的模式， 该集团帮助所有客户（个人、社区协会、企 业家、中小企业、公司及机构客户）通过涵 盖融资、投资、储蓄和保护保险的解决方案 实现其项目。 在欧洲，法国巴黎银行拥有四个国内市场 ：比利时、法国、意大利和卢森堡。该集 团正在将其综合商业和个人银行模式推广 至多个地中海国家、土耳其和东欧地区。 作为国际银行业的领军者，该集团在欧洲 拥有领先的平台和业务线，在美洲有强大 的影响力，以及在亚太地区拥有坚实且快 速发展的业务。法国巴黎银行在其所有活 动中实施了企业社会责任方法，使其能够 为可持续未来的建设做出 ...

绿色电力ETF国泰（159669）跟踪的是绿色电力指数（399438），该指数主要反映清洁能源发电领域上 市公司的整体表现，覆盖水电、风电、光伏等细分赛道。其成分股聚焦于具备低碳属性的电力企业，这 些企业通常具有抗周期性强、现金流充沛的特点，是布局"双碳"目标的重要投资工具。 （文章来源：每日经济新闻） 2月27日，绿色电力ETF国泰（159669）盘中涨超2.5% ，行业呈现稳步发展态势 中信建投指出，近期国务院办公厅印发《关于完善全国统一电力市场体系的实施意见》，构建"两步 走"战略：到2030年基本建成全国统一电力市场体系，各类型电源和除保障性用户外的电力用户将全部 直接参与电力市场；到2035年全面建成该体系。《意见》提出多项创新举措，包括各层次市场要从"各 自报价、各自交易"逐步转向"统一报价、联合交易"；扩大绿色电力消费规模，加快建立强制消费与自 愿消费相结合的绿证消费制度；分品种有节奏推进气电、水电、核电等电源进入电力市场，并探索建立 体现核电低碳价值的制度。此外，动力煤现货价格环比增长，但同比有所下降，同时主要港口煤炭库存 环比、同比均呈现减少态势。 ...

绿色电力ETF国泰（159669）跟踪的是绿色电力指数（399438），该指数从沪深市场中选取涉及水电、 风电、光伏等清洁能源发电业务的上市公司证券作为指数样本，以反映绿色电力相关上市公司证券的整 体表现。 （文章来源：每日经济新闻） 政策推动绿电板块发展，2月27日，绿色电力ETF国泰（159669）收涨超2%。 中信建投指出，《关于完善全国统一电力市场体系的实施意见》近期印发，构建全国统一电力市场体系 的"两步走"战略。首先，到2030年，我国将基本建成全国统一电力市场体系，各类型电源和除保障性用 户外的电力用户将全部直接参与电力市场；到2035年要全面建成全国统一电力市场体系。具体来看， 《意见》提出多项创新举措，包括：各层次市场要从"各自报价、各自交易"逐步转向"统一报价、联合 交易"，探索相邻省内市场自愿联合或融合的可行方式；扩大绿色电力消费规模，加快建立强制消费与 自愿消费相结合的绿证消费制度；提出分品种有节奏推进气电、水电、核电等电源进入电力市场，同 时，探索建立体现核电低碳价值的制度。 ...

Group 1 - China Three Gorges (Brazil) Co., Ltd. has officially launched a battery energy storage system testing laboratory at the Ilia Hydropower Station in São Paulo, Brazil [1][3] - The project, named Flex BESS, is a collaboration between China Three Gorges Brazil, SENAI Pernambuco, Thymos Energia, and Wisebyte, focusing on the technical pathways of battery storage and photovoltaic power generation [3] - The total investment for the project is approximately 15 million Brazilian Reais, which includes the construction of a photovoltaic power station with 1,248 installed modules and a peak capacity of 692 kilowatts, sufficient to meet the electricity needs of over 380 households [3] Group 2 - The project also includes a 215 kilowatt-hour Huawei battery storage system to evaluate the operational characteristics of electrochemical storage under grid-connected conditions [3] - The initiative aims to enhance the stability of the power system and improve the capacity for renewable energy integration, contributing to the development of Brazil's "smart energy system" [3] - China Three Gorges Brazil operates 15 hydropower stations, 12 wind farms, and one solar park, with a total installed capacity of approximately 9 gigawatts [4]

中新网长春2月11日电 (金乔)国电投绿色能源股份有限公司(下称"电投绿能")党委书记、董事长杨玉峰11 日在长春接受采访表示，"十五五"期间，电投绿能统筹国家电投在吉林企业，累计投资预计近1000亿 元。到2030年，全面建成吉林西部风光火储千万千瓦清洁能源基地和百万吨级绿色氢基能源基地。 20多年来，电投绿能作为国家电投集团实际控制的上市公司和全球绿色氢基能源产业平台，在吉林省形 成风、光、火、氢、储等多产业协同发展格局，是吉林省发电领军企业和绿色转型标杆。 截至2025年9月末，该公司管理资产总额超1000亿元，管理装机容量1780万千瓦，清洁能源占比近 80%，绿色转型态势强劲、成效明显。其中，吉林省内装机788万千瓦，其中煤电450万千瓦(含管理装 机120万千瓦)，清洁能源338万千瓦，占比43%，承担全省9600万平方米的供热任务。 图为吉西基地鲁固直流风光热外送项目。电投绿能供图 据了解，电投绿能将加快打造吉林省千万千瓦清洁能源基地，风光火储融合协同，积极探索清洁供暖替 代，推动非电利用，提升绿电消纳比例。以吉林西部一体化大基地开发为支点，巩固发展基础，在沿海 区域、重点内陆区域复制推广成熟的 ...

Core Viewpoint - The company is undergoing a significant asset restructuring in 2026, focusing on transforming into a clean energy generation platform by divesting its maglev and bridge component businesses and acquiring a 60% stake in Shudao Clean Energy [1][2][5] Restructuring Progress - The company announced plans to adjust its major asset restructuring scheme originally set for disclosure in June 2025, aiming to enhance asset quality further. A board and shareholder meeting will be convened to review the restructuring matters once adjustments are completed [2] Performance and Operating Conditions - The company released a performance forecast on January 30, 2026, estimating a net profit loss of 140 million to 196 million yuan for 2025, indicating a significant reduction in losses year-on-year. However, the non-recurring net profit has been in continuous loss for 14 years [3] Business Development - Post-restructuring, the company will concentrate on integrated clean energy business involving "water, wind, solar, and storage." Shudao Group is expected to empower the listed company in resource acquisition and energy integration. Future growth is anticipated to benefit from changes in the Sichuan power market and national projects like "Electricity from Xinjiang to Sichuan" [4] Future Development - The year 2026 is viewed as a critical year for the company's business transformation and development, with market attention focused on whether it can fundamentally improve by divesting loss-making businesses and injecting quality assets [5]

智通财经APP获悉，2月10日，中国电力建设企业协会发布2025年第四季度中国清洁能源建设景气指数 (CEPI)和中国电力建设发展指数(PCDI)。2025年第四季度中国清洁能源建设景气指数(CEPI)为108.242， 同比下降8.22点，环比下降2.96点，CEPI处于较景气区间。 截至2025年底，全国发电装机容量38.9亿千瓦，同比上升16.12%。其中清洁能源发电装机容量23.52亿 千瓦，占全国发电装机容量逾六成。2025年第四季度，全国新增发电装机容量17944万千瓦，同比下降 5.88%，环比上升144.44%。2025年第四季度清洁能源新增发电装机容量的基期增速放缓影响CEPI指数 出现下降。 根据CEPI预警走势图来看，自2025年第三季度回落至绿灯区后，2025年第四季度CEPI预警指数仍在绿 灯区运行。 2025年第四季度中国电力建设发展指数(PCDI)为93.29，同比下降1.29点，环比上升5.87点。组成PCDI的 四个分指数环比上升影响2025年第四季度PCDI环比上升。 截至到2025年底，清洁能源在建规模达到73518万千瓦，同比下降4.36%；2025年第四季度清洁能源投 ...

Core Insights - The article highlights the continuous optimization of China's industrial and energy structure, driven by tax policies that promote green and low-carbon industries, resulting in significant growth in sales revenue for key green products and services [1][2] Group 1: Green Industry Growth - During the "14th Five-Year Plan" period, the sales revenue of key green manufacturing sectors such as new energy vehicles, photovoltaic equipment, lithium-ion batteries, and solar appliances is expected to grow at an annual rate of over 30% [1] - The sales revenue of green technology services, including new energy, energy-saving, and environmental protection, is projected to grow annually by 51.1%, 28.5%, and 18.2% respectively, while ecological protection and environmental governance industries will see an annual growth of 13.2% [1] Group 2: Clean Energy Development - By 2025, the sales revenue from clean energy sources, including wind, solar, hydro, and nuclear power, is anticipated to account for 42.6% of total power generation sales revenue, an increase of 7.2 percentage points from the end of the "13th Five-Year Plan" [1] - The sales revenue from wind and solar power generation is expected to grow at an annual rate of 25.4% during the "14th Five-Year Plan" period [1] Group 3: Environmental Tax Policies - Since the implementation of the environmental protection tax in 2018, a total of 111.06 billion yuan in tax reductions has been granted, promoting centralized treatment and improving pollution control efficiency [2] - By 2025, the revenue from environmental taxes on key air pollutants such as sulfur dioxide and nitrogen oxides is projected to decrease by 33.8% and 34.03% respectively compared to 2020 [2] Group 4: Water Resource Management - The pilot program for converting water resource fees to taxes has shown positive results, with a projected reduction of 7.1% in groundwater extraction in new pilot areas by 2025 [2] - Special water usage for golf courses, ski resorts, car washes, and bathing facilities is expected to decline by 34.3% compared to 2024 [2]

Group 1 - During the "14th Five-Year Plan" period, the manufacturing industries of important green products such as new energy vehicles, photovoltaic equipment and components, lithium-ion batteries, and solar appliances have an average annual sales growth rate of over 30% [3] - The sales revenue of green technology service industries, including new energy, energy-saving, and environmental protection, has increased by an average of 51.1%, 28.5%, and 18.2% respectively [3] - The ecological protection and environmental governance industry has seen an average annual sales growth of 13.2%, providing technical support for green transformation [3] Group 2 - By 2025, the sales revenue from clean energy generation, including wind, solar, hydro, and nuclear power, is expected to account for 42.6% of total power generation sales revenue, an increase of 7.2 percentage points compared to the end of the "13th Five-Year Plan" [5] - The sales revenue from wind and solar power generation is projected to grow at an average annual rate of 25.4% during the "14th Five-Year Plan" period [5] Group 3 - Since the implementation of the environmental protection tax in 2018, a total of 111.06 billion yuan in tax reductions and exemptions have been granted nationwide [7] - By 2025, the environmental protection tax revenue from key regulated air pollutants, such as sulfur dioxide and nitrogen oxides, is expected to decrease by 33.8% and 34.03% respectively compared to 2020 [7] Group 4 - In 2025, the amount of groundwater extracted by taxpayers in pilot areas for the water resource fee reform is expected to be 5.47 billion tons, a decrease of 7.1% compared to 2024 [9] - The special water usage for golf courses, ski resorts, car washes, and bathing facilities is projected to decline by 34.3% compared to 2024, promoting water resource conservation and ecological protection [9]

Core Viewpoint - China's economic and social green transformation is accelerating, driven by structural optimization in industries, energy, and transportation, along with effective tax policies promoting emission reduction and water conservation [2][3]. Industry Structure - The proportion of "dual high" industries is continuously decreasing, while green and low-carbon industries are developing well. During the 14th Five-Year Plan period, key green product manufacturing sectors such as new energy vehicles, photovoltaic equipment, lithium-ion batteries, and solar appliances are expected to see annual sales growth rates exceeding 30% [2]. - Sales revenue in green technology service industries, including new energy, energy-saving, and environmental protection, is projected to grow annually by 51.1%, 28.5%, and 18.2% respectively, while ecological protection and environmental governance industries are expected to grow by 13.2% annually [2]. Energy Structure - The share of clean energy is steadily increasing, with high-energy-consuming manufacturing industries optimizing their energy use. By 2025, sales revenue from clean energy generation, including wind, solar, hydro, and nuclear power, is expected to account for 42.6% of total power generation revenue, an increase of 7.2 percentage points from the end of the 13th Five-Year Plan [2]. - Sales revenue from wind and solar power generation is projected to grow at an annual rate of 25.4% during the 14th Five-Year Plan period [2]. Transportation Structure - The new energy vehicle industry is experiencing strong growth, with an increase in the proportion of railway and waterway freight. By 2025, domestic sales of new energy vehicles are expected to grow by 25.9% year-on-year [2]. Pollution Reduction and Water Conservation - The environmental protection tax policy has released tax reduction benefits, with cumulative tax reductions amounting to 111.06 billion yuan since its implementation in 2018. This includes 59.945 billion yuan for promoting centralized treatment and improving pollution control efficiency, 24.37 billion yuan for promoting clean production, and 26.134 billion yuan for enhancing governance efficiency [3]. - The number of urban and rural sewage and solid waste treatment plants benefiting from environmental tax incentives is expected to increase from 5,589 in 2021 to 6,415 by 2025 [3]. - By 2025, the environmental tax revenue from key air pollutants such as sulfur dioxide and nitrogen oxides is projected to decrease by 33.8% and 34.03% respectively compared to 2020 [3]. - The pilot program for converting water resource fees to taxes is expected to yield positive results, with a projected 7.1% decrease in underground water extraction in new pilot areas by 2025, totaling 5.47 billion tons [3].