（编辑 楚丽君） 证券日报网讯 1月8日，中科环保在互动平台回答投资者提问时表示，公司的无形资产包括土地使用 权、专利权、特许经营权、PPP在建项目、排污权以及软件。其中，特许经营权在无形资产中所占比例 约为88%。依据会计准则规定，BOT项目的相关资产应计入无形资产。无形资产具体构成情况可查阅公 司已披露的2025年半年度报告。 ...

进入"十五五"时期，锚定高质量发展的核心方向，我们必须跳出传统发展路径的思维定式，把绿色 动能系统性融入经济社会发展全领域、全过程，以生态筑基的坚实步伐，筑牢中国式现代化建设的生态 屏障。 牢固树立和践行"绿水青山就是金山银山"的理念，因地制宜拓展生态产品价值实现渠道，健全生态 产品价值实现机制，为破解上述难题提供了路径遵循。要推动发展实践落地见效，首先，要强化市场与 法治的双重赋能。一方面要持续深化全国碳市场建设，积极探索林业碳汇、排污权等生态权益凭证的创 新交易模式与绿色融资路径；另一方面要健全完善生态保护补偿相关法律法规，以稳定的制度预期引导 社会资本参与生态建设的长期投资。其次，科技创新是培育绿色新质生产力的核心引擎，唯有聚焦能源 结构转型、循环经济发展、碳捕集利用与封存等关键领域，推动数字技术与绿色发展场景深度融合，方 能以智慧化手段提升生态环境治理的精准度与效能。最后，更为关键的是，要深化产业绿色融合发展， 积极培育"生态+文旅""生态+康养"等新业态新模式，推动产业链条整体向绿色化、高端化跃升，实现从 单纯供给生态资源到提供全链条绿色解决方案的价值进阶。 全国碳排放权交易市场稳步扩容；山西偏关依 ...

签约仪式上，济南市生态环境局污染物排放总量控制处(行政许可处)首先介绍了济南市排污权交易的背景、前期工作开展情况及政策框架；济南市生态环 境数字化应用中心作为排污权储备管理机构，详细阐述了此次交易的具体情况与重要意义；山东平阴丰源炭素有限责任公司分享了企业在环保方面的举措 及对此次排污权交易的期待。 济南市自2024年启动排污权有偿使用和交易试点工作以来，始终坚持"试点先行、循序渐进、新老有别、分步实施"的原则。试点工作选取"两高"行业作为 重点范围，并以颗粒物、氮氧化物和挥发性有机物为主要试点污染物，旨在通过市场机制实现环境要素的优化配置，助力环境质量持续改善。 2024年5月7日，济南市完成首笔排污权交易，开启了济南市排污权有偿使用和交易的新篇章。此后，济南市积极总结首笔交易的经验做法，在政策体系、 交易平台建设、市场培育等方面持续发力。此次丰源炭素的排污权签约，是济南市在首笔交易基础上的又一次成功实践。与首笔政府储备排污权交易相 比，本次交易无论在交易标的种类、交易量还是成交金额上均有显著提升，表明济南市排污权交易市场正逐步走向成熟和活跃。下一步，市生态环境局将 持续深化排污权交易机制，有效实现环境要素 ...

Core Insights - The Hubei Ecological Environment Rights Trading Platform has successfully launched, facilitating the transformation of ecological resources into economic value, with over 2 million registered users and a total transaction volume of 65 billion yuan [1][2] - The platform integrates five core functions: carbon emission rights, pollutant discharge rights, ecological product value realization, solid waste resource utilization, and green financial services, positioning itself as a key driver for green and low-carbon transformation [1][2] Summary by Sections Platform Overview - The Hubei Ecological Environment Rights Trading Platform went live on October 18, showcasing significant market vitality and development potential [1] - The platform is built on Hubei's comparative advantages in resource and environmental factors, supported by a rich data accumulation [1] Market Performance - In its first month, the platform has achieved a cumulative transaction volume of 65 billion yuan and a financing scale of 257.6 billion yuan [1][2] - Hubei has the most diverse trading entities and the largest trading scale among national pilot carbon markets, maintaining an active carbon financial innovation landscape [1] Unique Features - The platform has established the first standardized trading module for ecological product value realization in the country, assigning prices to previously "priceless" ecological products [2] - A robust technical support system has been developed, including a unified database for ecological environment rights elements, ensuring efficient, transparent, and secure transactions [2] Future Outlook - The platform aims to enhance its role in resource allocation, supporting both intra-provincial and inter-provincial trading of ecological environment rights and value discovery [2]

Core Viewpoint - The Hubei Province Ecological Environment Rights Trading Platform has officially launched, enabling the realization of "ecological product value" transactions, marking a significant step in transforming ecological assets into tradable "living assets" [1] Group 1: Platform Features - The platform allows for the scientific valuation of clean air, clean water, abundant carbon sinks, and beautiful landscapes, facilitating their conversion into tradable assets [1] - It integrates five core functions: carbon emission rights, pollutant discharge rights, ecological product value realization, solid waste resource utilization, and green financial services [1] - The platform employs an innovative model combining online convenience with offline precision matching, enhancing transaction efficiency [1] Group 2: Market Performance - The carbon market on this platform has achieved a cumulative transaction volume exceeding 100 billion yuan, ranking first in the country [1] Group 3: Related Companies - Key listed companies involved include Huayin Power and Changyuan Power [1]

Core Viewpoint - Establishing a sound mechanism for realizing the value of ecological products is a key path to implementing the concept that "lucid waters and lush mountains are invaluable assets" [1] Group 1: Classification of Ecological Products - The article reclassifies ecological products into three categories: rights-based ecological products, public ecological products, and operational ecological products, focusing on value transformation rather than mere valuation [2][3] - Rights-based ecological products are defined as those with clear or identifiable property rights that can be standardized and traded in the market, such as carbon emission rights and water rights [2] - Public ecological products are characterized by their non-competitive and non-exclusive nature, including clean air and biodiversity protection, making it difficult to charge specific beneficiaries [2] - Operational ecological products are tangible products or services that can generate returns through market transactions, such as eco-friendly agricultural products and eco-tourism [2] Group 2: Value Realization Mechanisms - The realization of rights-based ecological products relies on a government-built trading platform with clear rules and strict supervision, emphasizing the importance of property rights clarity and platform construction [3] - The value realization of public ecological products is primarily driven by a government-led ecological compensation mechanism, linking ecological protection outcomes to funding distribution [3] - The operational ecological products' value realization is based on market-driven industrial operations, where quality enhancement and brand premium are fundamental [4] Group 3: Recommendations for Establishing Value Realization Mechanisms - For rights-based ecological products, it is recommended to solidify property rights and create a unified market, including the establishment of a national ecological product trading center [6] - For public ecological products, it is suggested to improve compensation mechanisms and promote multi-faceted collaboration, ensuring that compensation is linked to ecological protection outcomes [6] - For operational ecological products, the focus should be on strengthening brand certification and optimizing the market environment, including the establishment of a national standard for ecological product certification [7]

Core Viewpoint - The launch of the Hubei Ecological Environment Rights Trading Platform marks a significant breakthrough in the construction of factor trading platforms, facilitating the service of a unified national market and promoting domestic economic circulation [1][2]. Group 1: Platform Features - The Hubei Ecological Environment Rights Trading Platform integrates five core functions: carbon emission rights, pollutant discharge rights, ecological product value realization, solid waste resource utilization, and green financial services [2]. - The platform employs a scientific ecological product value accounting system to assign price tags to "priceless" ecological products such as clean air, clean water, carbon sinks, and beautiful landscapes [2]. Group 2: Market Development - Hubei has established itself as a leader in the carbon trading market, with a cumulative transaction volume exceeding 10 billion yuan, maintaining its position at the forefront of the nation [2]. - The province's pollutant discharge rights trading scale ranks among the top in the country, contributing to the rapid development of the energy-saving and environmental protection industry [2]. Group 3: Operational Framework - The platform aims to create an operational system characterized by data empowerment, unified rules, market linkage, regional collaboration, precise allocation, and comprehensive supervision [2]. - The platform offers online services through four systems for streamlined access and offline services for qualification review, financial support, and demand matching, fostering an open factor trading market [2].

Core Viewpoint - The transformation of Yucun village from a mining economy to a tourism-driven economy exemplifies the successful implementation of green finance, significantly supported by Industrial Bank's innovative financial services [1][2][3] Group 1: Economic Transformation - Yucun village, once reliant on mining, has shifted to eco-tourism, attracting over a million visitors annually [1][2] - The village's collective economic income peaked at nearly 3 million yuan during its mining heyday, but environmental degradation prompted a shift towards sustainable practices [2] - The local government initiated projects to enhance tourism infrastructure, including the creation of a 5A scenic area, which has led to a diversified rural economy [2][3] Group 2: Financial Support and Innovation - Industrial Bank provided 500 million yuan in syndicated loans to support the tourism development project in Yucun, streamlining financing processes for local enterprises [3][4] - The bank's innovative financial solutions combine green finance with meteorological data, creating a closed-loop system that links ecological resources to financial capital and industrial upgrades [4][5] - The bank's climate loan initiative, which ties loan interest rates to ecological project assessments, encourages sustainable practices among borrowers [5] Group 3: Green Finance Leadership - Industrial Bank has been a pioneer in green finance for nearly two decades, offering a range of innovative financial products, including carbon credits and environmental loans [7][8] - As of mid-2023, the bank's green financing scale reached 2.43 trillion yuan, maintaining its position as the leading bank in this sector [7] - The bank has developed digital platforms to enhance its green finance offerings, including a dual-carbon management platform, further supporting sustainable development initiatives [8]

Core Viewpoint - The transformation of Yucun village from a mining economy to a tourism-driven economy exemplifies the successful implementation of green finance, significantly enhancing local economic development and environmental sustainability [1][3][4]. Group 1: Economic Transformation - Yucun village, once reliant on mining, has shifted to eco-tourism, attracting over a million visitors annually and becoming a "net celebrity village" [1][2]. - The village's collective economic income peaked at nearly 3 million yuan during its mining heyday, but environmental degradation prompted a shift towards sustainable practices [3]. - The local government initiated the "Anji County Bamboo Garden Yucun Two Mountains 5A Scenic Area Creation Project" to enhance tourism infrastructure and promote eco-friendly development [3][4]. Group 2: Financial Support and Innovation - In 2023, a syndicate loan of 500 million yuan was issued to support the scenic area project, streamlining financing processes and enhancing business efficiency [4]. - The integration of green finance with meteorological data has led to innovative financial solutions, such as project loans linked to climate ecological product assessments [5][6]. - The first "climate loan" in Huzhou was issued for the Moganshan International Tourism Resort, with a credit line of 250 million yuan aimed at enhancing tourism and environmental sustainability [6]. Group 3: Green Finance Leadership - Industrial Bank has been a pioneer in green finance for nearly two decades, offering a range of innovative financial products, including carbon credits and environmental loans [8][9]. - As of mid-2023, the bank's green financing scale reached 2.43 trillion yuan, maintaining its position as the leading bank in green loans [8]. - The bank has developed digital platforms to support green finance initiatives, enhancing the efficiency and effectiveness of its services [9].

Core Viewpoint - The Ministry of Finance, Ministry of Ecology and Environment, National Development and Reform Commission, Ministry of Water Resources, and National Forestry and Grassland Administration jointly issued opinions and implementation plans to enhance the horizontal ecological compensation mechanism, aiming to establish a cooperative model for cost-sharing and benefit-sharing between ecological protection areas and beneficiary areas [1][4]. Group 1: Ecological Compensation Mechanism - The horizontal ecological compensation mechanism aims to establish a collaborative framework for cost-sharing and benefit-sharing between regions that protect the environment and those that benefit from it [2]. - The New An River governance case illustrates the effectiveness of such mechanisms, where a "water quality bet" agreement between Anhui and Zhejiang has led to significant improvements in water quality over 12 years [2][3]. - As of now, 24 provinces have established 30 cross-provincial horizontal ecological compensation mechanisms, with Jiangsu, Fujian, Sichuan, and Yunnan achieving full coverage of intra-provincial key river compensation mechanisms [3]. Group 2: Policy Implementation and Goals - The recent documents clarify the work objectives, key tasks, and specific measures for the horizontal ecological compensation mechanism, emphasizing local initiatives supported by central guidance [4][5]. - The implementation plan outlines a phased approach with short-term and long-term goals, aiming to establish a unified compensation mechanism for the Yangtze and Yellow Rivers by 2027 [5][6]. - By 2035, the mechanism is expected to cover key river systems and enhance ecological quality, ensuring effective national ecological security [6]. Group 3: Market-oriented Compensation Mechanism - The Ministry of Finance plans to promote a market-oriented and diversified ecological compensation mechanism, encouraging interaction between ecological product supply areas and beneficiary areas [7]. - Key initiatives include developing trading markets for carbon emissions, pollution rights, and water rights, as well as establishing sustainable benefit-sharing mechanisms for ecological industries [7]. - The focus will shift from government-funded compensation to multiple compensation methods, enhancing collaboration and promoting a "self-sustaining" approach to ecological protection [7]. Group 4: Monitoring and Support - Strengthening monitoring capabilities for water resources, environment, and ecology is essential for supporting the horizontal ecological compensation mechanism [8].